Deciding which ASX income stock to buy can be a gruelling process.
Luckily for income investors, analysts have done a lot of the hard work for you and picked out four they think are buys.
Here's what they are saying about these dividend stock:
APA Group (ASX: APA)
The first ASX income stock to look at is APA Group. It is an energy infrastructure business that owns, manages, and operates a diverse portfolio of gas, electricity, solar and wind assets.
Macquarie is a fan of the company and currently has an outperform rating and $9.40 price target on its shares.
As for income, the broker believes that APA Group's long run of dividend increases will continue. The broker is forecasting dividends per share of 56 cents in FY 2024 and 57.5 cents in FY 2025. Based on the current APA Group share price of $8.39, this equates to 6.7% and 6.85% dividend yields, respectively.
Coles Group Ltd (ASX: COL)
Over at Morgans, its analysts think that income investors should be buying this supermarket giant's shares.
The broker currently has an add rating and $18.95 price target on its shares.
In respect to dividends, it is expecting Coles to pay fully franked dividends of 66 cents per share in FY 2024 and 69 cents per share in FY 2025. Based on the current Coles share price of $17.10, this implies yields of approximately 3.85% and 4%, respectively.
Dalrymple Bay Infrastructure Ltd (ASX: DBI)
Morgans also thinks that Dalrymple Bay Infrastructure could be an ASX income stock to buy.
It is the long-term operator of the Dalrymple Bay Coal Terminal. This has been Queensland's premier coal export facility since all the way back in 1983.
The broker currently has an add rating and $3.05 price target on its shares. As for income, the broker is forecasting dividends per share of 22 cents in FY 2024 and then 23 cents in FY 2025. Based on the latest Dalrymple Bay Infrastructure share price of $2.93, this will mean yields of 7.5% and 7.85%, respectively.
GDI Property Group Ltd (ASX: GDI)
Finally, the team at Bell Potter thinks that this property company could be an ASX income stock to buy.
Its analysts currently have a buy rating and 75 cents price target on its shares.
As well as plenty of upside, the broker believes GDI Property could provide investors with some big dividend yields in the coming years. It is forecasting dividends per share of 5 cents across FY 2024, FY 2025, and FY 2026. Based on the current GDI Property share price of 60 cents, this implies dividend yields of 8.3% for the next three years.
