Moreover, as a company's stature expands, its dividend often grows in tandem. This could result in a steadily increasing income flow for you, requiring minimal effort on your part.
Let's delve into a couple of ASX dividend stocks that hold promise for income-focused investors:
Accent Group Ltd (ASX: AX1)
One potential pick for income investors on the ASX is Accent. This retailer focuses on footwear, boasting a portfolio of brands popular among the younger demographic.
These include HYPEDC, Platypus, Sneaker Lab, Stylerunner, and The Athlete’s Foot.
From an income perspective, Bell Potter's projections indicate Accent may pay fully franked dividends of 16.1 cents per share in FY 2023 and 11.9 cents per share in FY 2024.
Considering the most recent Accent share price of $1.94, this suggests impressive dividend yields of 8.3% and 5.9%, respectively.
Bell Potter's buy rating and a $2.50 price target for Accent also hint at growth potential in its shares.
Lottery Corporation Ltd (ASX: TLC)
Another ASX dividend stock worth considering is Lottery Corporation. This company oversees well-known games like Powerball, Oz Lotto, and Keno.
Citi holds a favorable view of the company due to its defensive characteristics and recent price upticks.
Citi foresees a dividend of 15 cents per share in FY 2023 and 18 cents per share in FY 2024..
With the current share price at $5.30, these dividends translate to fully franked yields of 2.8% and 3.4%, respectively.