Broker names 2 high yield ASX dividend shares to buy

Morgans is expecting some big yields from these ASX dividend shares.

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The good news for income investors is that there are a large number of dividend shares to choose from on the Australian share market.

Two that have done enough to impress analysts at Morgans are listed below. Here's why they have been rated as buys:

GQG Partners Inc (ASX: GQG)

The first ASX dividend share for income investors to look at is fund manager GQG Partners. Morgans has an add rating and $1.93 price target on its shares.

The broker believes its shares could be great value right now, particularly in comparison to peers. It commented:

GQG's strong relative investment outperformance through the current market weakness should solidify the near-term flows outflow. GQG has diversified earnings (by strategy and clients); solid performance track-record; and ongoing growth prospects. In our view, the current ~12x PE (versus a sector med-term average of ~16x) is attractive.

As for dividends, Morgans is expecting dividends per share of 11.4 cents in FY 2023 and then 12.6 cents in FY 2024. Based on the current GQG share price of $1.45, this will mean 7.9% and 8.7% yields, respectively.

Whitehaven Coal Ltd (ASX: WHC)

Another ASX dividend share that Morgans is positive on its Whitehaven Coal. The broker has an add rating and $9.85 price target on the coal miner's shares.

Morgans is very positive on Whitehaven Coal and feels that recent share price weakness has created a buying opportunity for investors. It commented:

Ex M&A, WHC looks far too oversold on the recent NEWC correction (FY23F FCF yield +40%, P/NPV 0.69x). We expect the re-tightening of thermal coal pricing dynamics through April to be a key catalyst for WHC.

In respect to dividends, the broker is expecting a 60 cents per share dividend in FY 2023 and then again in FY 2024. Based on the current Whitehaven Coal share price of $6.97, this implies yields of 8.6% for both years.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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