Two ASX Stocks with High Dividend Yield

Team Veye | 22-May-2024

Investors looking for High Yield Dividend Stocks often overlook the risks that may confront them in future.

Many a times High Yield Stocks can be misleading since it may indicate a falling stock price instead of an increase in dividend payment. This reflects markets perceiving the stock as less valuable.

A high Dividend Yield though appealing isn't always a positive thing and does have pitfalls because a not so well established company may not be left with enough funds to reinvest in their business, thus limiting their growth potential.

Best ASX shares to buy right now for high dividend yield are:-

IGO Limited (ASX: IGO)

IGO Limited in its half-yearly financial results for the period ended 31 December 2023 (1H2024) reported that despite notable declines in the nickel and lithium markets, the Group had a great start to the 2024 fiscal year.

IGO is striving to safely maintain Cosmos' asset base and finish a few crucial tasks, like commissioning the processing plant, to make sure the project is ready for a potential future restart. Greenbushes are also a very special asset, having a life of more than 23 years defined by the current Ore Reserve at increased throughput capacity. Drilling efforts aimed at realizing the full potential of this deposit continue to produce impressive outcomes, including mineralization. 

The JV Partners at Greenbushes are firmly committed to maximizing value from this elite operation, even in light of the recent weakness in the lithium market. IGO is happy with the new agreements that maintain this world-class asset's leadership while balancing short-term market weakness and the commitment to CGP3 development.

IGO has a strong presence in important mining regions, especially WA, from which it can strategically tap into the growing demand for vital minerals. This puts it in a strong position within the clean energy sector. A strong cash position, lower debt, and positive net cash inflows from operations are just a few of the company's healthy financial metrics that offer a strong platform for upcoming investments and growth. 

A multiple model's overall relative valuation presents a fair and positive picture of the company when compared to its industry competitors. The company’s 15% return on equity indicates that, compared to its competitors, it can create more value for its shareholders. IGO's competitive and advantageous valuations for investors are suggested by metrics like P/BV, P/Sales, and PE multiples.

Cromwell Property Group (ASX: CMW) 

Cromwell Property Group announced its half-year results for the period that ended on 31 December 2023, revealing the impact of valuation pressures both locally and in Europe on the company's performance.

The operating profit for the half-year stood at $83.7 million, marginally down from the previous year's figure of $87.1 million, primarily due to asset sales. Despite challenges, the Net Operating Income (NOI) of the Australian Investment Portfolio increased by 1% on a like-for-like basis. 

The investment portfolio occupancy rate remained stable at 93.4%, with a Weighted Average Lease Expiry (WALE) of 5.3 years, indicating a steady occupancy level and lease maturity profile.

Cromwell Property Group has shown resilience by maintaining stable occupancy rates and distributions despite market challenges. The Company is actively improving its debt profile through strategic measures such as asset sales, lender diversification, and extending debt maturities.

Cromwell has implemented an asset sale program to optimize its portfolio and increase shareholder value.


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