There are a number of ASX dividend shares trading at lower value than I think they're worth. One of the benefits of having a lower share price is the boost that it provides to the dividend yield.

The RBA is predicted to cut interest rates multiple times this year. Accordingly, I think it could be a good time to invest in higher-yielding businesses before income orientated investors double down on dividend shares.

With the two businesses I'll talk about, I'm expecting an interest rate cut to boost their profitability too, which I'll explain below.

Accent Group Ltd (ASX: AX1)

This ASX retail share is a major retailer of footwear through hundreds of stores. The business has its own brands, with names like The Athlete's Foot, Stylerunner, Platypus and Hype.

It also acts as the distributor for a number of global brands including Ugg, Vans, Skechers, Saucony, Hoka and Sebago. The Lacoste and Dickies wholesale agreements start in FY26.

If interest rates are reduced further by the RBA, I think it could mean households have more money in their wallets, which could boost retail sales. The ASX dividend share's ongoing store rollout, with its various brands, can also help grow profit, including its new agreement with Frasers Group.

According to Commsec, the business is projected to pay an annual dividend per share of 14.7 cents in FY26, which translates into a forward grossed-up dividend yield of 11%, including franking credits.

Centuria Industrial REIT (ASX: CIP)

This ASX dividend share is a real estate investment trust (REIT) that owns a sizeable portfolio of industrial properties across Australia's major cities.

Interest rate cuts could boost its rental profit because it holds a sizeable amount of debt on its balance sheet, as you'd expect with a property business. Lower interest costs could be a significant boost for the business and help the reported values of the properties.

Its rental income is growing at a pleasing pace thanks to the demand for well-located, high-quality industrial properties. Demand is being driven by e-commerce growth, refrigerated space (for food and medicine), data centres and so on.

In FY25, it's expecting to pay a distribution per unit of 16.3 cents, which translates into a distribution yield of 5.25%. I believe that the business can continue increasing its distribution thanks to the growing rental income.

With the ASX dividend share currently trading at a sizeable discount to its net tangible assets (NTA) per unit of $3.89, I think it looks good value.