Discover 2 ASX Income Shares with 6%+ Dividend Yields You Should Buy Now!

Investors seeking to boost their income often turn to the Australian Stock Exchange (ASX) for promising opportunities. Analysts play a crucial role in identifying shares with the potential for substantial returns. Here, we delve into two ASX-listed companies that dividend yield analysts have recently endorsed, with a particular focus on the powerhouse, BHP Group Ltd (ASX:BHP).


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Unveiling ASX Income Shares

Deterra Royalties Ltd (ASX: DRR)

Deterra Royalties Ltd has garnered attention as an ASX income share, catching the eye of analysts, notably Morgan Stanley. Specializing in managing and expanding a diverse portfolio of royalty assets, Deterra Royalties' flagship asset is the Mining Area C iron ore mine, operated by BHP Group Ltd in Western Australia's Pilbara region.

HomeCo Daily Needs REIT (ASX: HDN)

Another compelling option for income-seeking investors is HomeCo Daily Needs REIT (ASX:HDN). This Australian real estate investment trust focuses on convenience-based assets within neighborhood retail, large format retail, and health and services sectors.

Analyst Insights and Yield Projections

Deterra Royalties Ltd

Morgan Stanley projects robust dividends from Deterra Royalties, forecasting fully franked dividends per share of 37 cents in FY 2024 and 34 cents in FY 2025. With the current share price at $4.88, this translates to impressive dividend yields of 7.6% and 7%, respectively. Morgan Stanley maintains an overweight rating and sets a price target of $5.65 for Deterra Royalties shares.


HomeCo Daily Needs REIT

Analysts at Morgans express confidence in HomeCo Daily Needs REIT's ability to provide consistent and growing distributions to shareholders. They anticipate dividends per share of 8 cents in FY 2024 and 9 cents in FY 2025, yielding 6.3% and 7.3%, respectively, based on the current share price of $1.27. Morgans assigns an add rating and a price target of $1.37 for HomeCo Daily Needs REIT.

Spotlight on BHP Group Ltd

Amidst discussions of ASX income shares, the role of BHP Group Ltd stands out prominently. As the operator of the Mining Area C iron ore mine, BHP's activities significantly impact Deterra Royalties Ltd's performance and dividend prospects. Investors keen on income opportunities should closely monitor developments within BHP Group Ltd, as they can have profound implications for the broader landscape of ASX income shares.


In conclusion, exploring ASX shares recommended by analysts can present lucrative opportunities for income growth. Deterra Royalties Ltd and HomeCo Daily Needs REIT emerge as promising options, backed by attractive dividend yields and positive analyst sentiment. Additionally, keeping a close watch on industry leaders like BHP Group Ltd can offer valuable insights into the potential trajectory of ASX income shares. 
Location: Australia

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