The ASX share market has seen plenty of ups and downs in the last few weeks. This has caused the valuations of some businesses to drop to very attractive levels, so I'm calling these ideas cheap ASX shares.

It's not often that stocks fall this heavily. But when they do, they can be very useful to accelerate wealth-building. As a bonus, a company that pays dividends can see its dividend yield increase when the share price decreases.

I'll discuss two companies that are trading on low price-earnings (P/E) ratios, have strong potential for a rebound, and offer big potential dividends.

Adairs Ltd (ASX: ADH)

Adairs is a homewares and furniture retailer with three businesses – Adairs, Mocka, and Focus on Furniture. As the chart below shows, the Adairs share price is down 27% from 17 February 2025.

Aside from the general share market volatility, Adairs shares may have possibly fallen further than the S&P/ASX 200 Index (ASX: XJO) on worries that retail spending could reduce if it leads to some households closing their wallets to discretionary spending.

However, I believe that any noticeable spending reduction would be temporary. I don't think customer demand would be lower forever.

Adairs reported in its FY25 half-year result that in the first seven weeks of the second half of FY25, group sales grew by 9.2% as it recovered from the weaker period of sales due to high inflation in the prior corresponding period. That shows sales were going up before the recent tariff uncertainty.

The HY25 result showed the operating leverage the cheap ASX share has – in the first six months of HY25, total sales grew 2.7%, and earnings per share (EPS) increased 8.5% to 11.1 cents.

According to the forecast on Commsec, the Adairs share price is valued at 10x FY25's estimated earnings. The projection on Commsec suggests Adairs could have a grossed-up dividend yield of 8.6% for FY25, including franking credits.

GQG Partners Inc (ASX: GQG)

GQG is a fund manager which is based in the US, though it also has clients in places like the UK, Australia, and Canada.

The size of its funds under management (FUM) is a key driver of revenue and profit, so the recent fall of the global share market is a negative for GQG's profitability in the short term.

As the chart below shows, the GQG share price is down 19% since 17 February 2025.

I believe this is a great time to pick up a somewhat cyclical cheap ASX share at a much cheaper price. According to its latest monthly update, its investment funds have outperformed the benchmarks during this volatility. I think that's a great sign for long-term FUM growth.

According to the forecasts on Commsec, GQG shares are trading at 8.5x FY25's forecast profit, with a potential dividend yield of 10.5%.