Are you on the lookout for ASX dividend shares to buy in May?

If you are, then it could be worth checking out the two in this article that analysts are tipping as buys.

Here's why they could be top buys this month:

Cedar Woods Properties Ltd (ASX: CWP)

The first ASX dividend share that could be a buy is Cedar Woods. It is a leading, national developer of residential communities and commercial developments.

Bell Potter is a big fan of the company and this morning reiterated its buy rating on its shares with an improved price target of $7.30.

The broker was impressed with its third quarter update and believes that its shares are still cheap despite a recent rally. The broker said:

CWP upgraded guidance for FY25 NPAT growth to +15%, ahead of BPe +11%. This represents an upward revision from the previous guidance for 'a minimum of' +10% NPAT growth (the 2nd upgrade in 6 months), reflecting increased visibility on sales as the financial year end approaches.

CWP remains one of our key picks in the sector. Despite a strong SP movement today (+7.1%), the stock's current valuation continues to screen attractively on multiple metrics (forward PE and P/NTA), and we see plenty of runway ahead.

As for dividends, the broker is forecasting payouts of 28 cents per share in FY 2025 and then 32 cents per share in FY 2026. Based on its current share price of $5.60, this equates to dividend yields of 5% and 5.7%, respectively.

Universal Store Holdings Ltd (ASX: UNI)

Over at Macquarie, its analysts think that Universal Store could be an ASX dividend share to buy in May.

It is a youth fashion retailer behind the eponymous Universal Store brand, as well as Perfect Stranger and Thrills.

Universal Store has been growing at a solid rate and has been tipped to continue this trend by Macquarie. It said:

Strong sales growth in 1H25, continuing into 2H25, with GM% expansion YoY and private label continuing to increase. UNI continues to win market share, with ongoing store roll-out supporting network sales growth.

Macquarie has an outperform rating and $9.25 price target on its shares.

In respect to income, the broker is expecting fully franked dividends of 33.8 cents per share in FY 2025 and 39.5 cents per share in FY 2026. Based on its current share price of $7.74, this equates to dividend yields of 4.4% and 5.1%, respectively.