When it comes to ASX dividend shares, there are a few that instantly conjure up a reputation as heavy-hitting passive income payers. BHP Group Ltd (ASX: BHP), Telstra Group Ltd (ASX: TLS) and the big four banks like Westpac Banking Corp (ASX: WBC) and Commonwealth Bank of Australia (ASX: CBA) certainly come to mind here.
But there are many other ASX shares that don't share such a reputation, despite having generous dividend payouts. These kinds of shares can make a big difference to a passive income portfolio, despite not having the 'name' of a famous dividend share. So today, let's talk about five ASX shares you might not have known to pay nice passive income to their investors.
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5 ASX shares that pay surprisingly impressive passive income
WiseTech Global Ltd (ASX: WTC)
You might know Wisetech from its days as the 'W' in WAAAX. But this ASX logistics tech company has risen to new heights over the past few years as some of its old WAAAX peers have crumbled. This company is up a whopping 111% over the past 12 months, as well as giving investors more than a 400% gain since the COVID lows of 2020. But what the WiseTech share price's impressive growth has hidden from most investors is its rapidly expanding dividend policy.
Wisetech is a company that paid out 3.5 cents per share in dividends back in 2019. But by last year, that had risen by an eye-watering 220% to 11.2 cents per share, fully franked. Sure, WiseTech's breakneck growth hides this well, with the shares currently sporting a dividend yield of just 0.17%. But if Wisetech can keep these kinds of growth rates going, it will certainly be a dividend heavyweight on the ASX before too long.
Adairs Ltd (ASX: ADH)
Adairs is another ASX 200 share worth a look for its dividends. Unlike Wisetech, this retail share has been in the wars of late. The Adairs share price is down by a nasty 40% in 2023 so far and has lost more than 70% of its value since the 2021 highs of nearly $5 a share.
But this steep drop in value has done wonders for the Adairs dividend yield. Right now, Adairs shares have a trailing dividend yield of 13.33% on the table, coming in fully franked as well. Even if this company halves its next two dividends, investors will still be looking at a very generous yield. So, this is another share that passive income chasers might want to take a second look at here.
Harvey Norman Holdings Limited (ASX: HVN)
Harvey Norman is an ASX share that most of us would know. The eponymous electronics and furniture retailer has been around for decades. But what investors might not be aware of is Harvey Norman's lucrative dividend history over the past few years. Right now, Harvey Norman shares offer a trailing and fully franked dividend yield of 9.55%.
Sure, Harvey Norman cut its latest interim dividend for 2023 from 20 cents to 13 cents per share, thanks to softening retail conditions in the Australian market. But, again, even if the next final dividend also gets a haircut, investors will still be left with a very generous yield.
TechnologyOne Ltd (ASX: TNE)
ASX tech shares like WiseTech and TechnologyOne don't normally come to mind when discussing the ASX's best dividend shares. But once more, we have an ASX tech share that is growing its dividends at a blinding pace. TechnologyOne's dividends over the past decade resemble a staircase, with annual dividend pay rises every single year since 2014 on the books.
Back in 2019, WiseTech doled out a total of 11.9 cents per share in passive income. But by last year, this had risen by a pleasing 43% to 17 cents per share, partially franked. Again, TechnologyOne has experienced rapid share price growth over the past 12 months, with the company's share price up 51%. That has hidden this dividend growth, with the company sporting an easy-to-overlook yield of 0.97% today. But this won't matter if TechnologyOne keeps raising its payouts like clockwork.
JB Hi-Fi Ltd (ASX: JBH)
Finally, let's check out another ASX retail share in JB Hi-Fi. JB is another share that investors shouldn't ignore if they are searching for meaningful passive income on the ASX. JB shares have come off the boil a bit after a big post-COVID surge in 2021, with the JB share price nursing a 23% loss since early 2022. But this has left this company sporting a massive and fully franked trailing dividend yield of 8.4% at the time of writing.
What's more, JB has just paid out the largest interim dividend in its history. Back in March, investors were treated to a payment of $1.97 per share, a big rise from last year's interim dividend of $1.63. Remember, this is a company that paid investors an annual total of $1.42 per share in dividends in 2019. That alone could make JB Hi-Fi worth considering for passive income today.
