When it comes to building passive income, few strategies are as reliable as investing in high-quality dividend-paying stocks.
And on the ASX, there's no shortage of companies with resilient business models offering steady dividends. Whether you're investing for retirement or simply want to earn while you sleep, the right mix of ASX dividend shares can help deliver that consistent stream of income.
With that in mind, here are three strong ASX dividend stocks for passive income investors that analysts think could be buys:
Centuria Industrial REIT is one of Australia's largest pure-play industrial property trusts, offering investors exposure to a diversified portfolio of modern warehouses and logistics facilities. With e-commerce and supply chain upgrades driving long-term demand for industrial space, it is well positioned to benefit.
The team at Bell Potter is feeling positive about the company's outlook and expects some good dividend yields in the near term. It is forecasting payouts of 16.3 cents per in FY 2025 and then 16.8 cents per share in FY 2026. Based on its current share price of $3.18, this equates to of 5.1% and 5.3%, respectively.
Bell Potter has a buy rating and $3.35 price target on its shares.
Another ASX dividend stock to consider buying for passive income is Endeavour Group. It is the company behind Dan Murphy's, BWS, and Australia's largest network of pubs.
Trading conditions have been tough for Endeavour, but the underlying business remains resilient — underpinned by the essential, recurring nature of its revenue and a dominant market position. The company continues to generate strong free cash flow and has been returning funds to shareholders through fully franked dividends.
Morgan Stanley expects this to continue and is forecasting fully franked dividends of 19 cents per share in FY 2025 and then 21 cents per share in FY 2026. Based on the current Endeavour share price of $4.01, this will mean dividend yields of 4.7% and 5.2%, respectively.
The broker currently has an overweight rating and $5.30 price target on its shares.
Woolworths is a household name and a cornerstone of many defensive income portfolios. Its core supermarket business delivers steady revenues regardless of the broader economic cycle, making it a reliable dividend payer even in times of market uncertainty.
Although Woolworths doesn't offer the highest yield on the ASX, its fully franked dividends are highly dependable, and its balance sheet remains strong. The company's continued investment in digital retail and supply chain efficiency further strengthens its long-term outlook.
Macquarie is a fan of the company and expects payouts of 81.3 cents per share in FY 2025 and then 97 cents per share in FY 2026. Based on its current share price of $31.41, this would mean dividend yields of 2.6% and 3.1%, respectively.
Macquarie has an outperform rating and $33.60 price target on its shares.
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