2 ASX dividend shares offering 6% to 7% yields buy-rated by Morgans

Many ASX investment experts reckon the changes to capital gains tax (CGT) will encourage a switched focus from growth to yield.

The 50% CGT discount for assets held longer than 12 months will be replaced by a cost base indexation method on 1 July next year.

The new rules grandfather existing ASX shares investments. So, the 50% CGT discount will apply to gains made before 1 July, 2027.

After that date, capital gains on existing investments, and new investments purchased thereafter, will be subject to cost base indexation.

A minimum 30% tax on net capital gains will apply.

Morgans has buy ratings on two ASX dividend shares that offer 6% to 7% annual distribution yields.

Centuria Industrial REIT (ASX: CIP)

The Centuria Industrial REIT share price is $2.89, down 0.5% today and down 14% over 12 months.

Morgans has an accumulate recommendation on this ASX real estate investment trust (REIT).

The broker said the ASX dividend share offers a 6% annual distribution that should continue to grow.

In a recent note, Morgans said:

CIP delivered FY26 FFO of 18.2cpu and distributions of 16.8cpu, both in line with guidance but at the bottom of the upgraded 18.2-18.5cpu range, and 1% below MorgansF of 18.4cpu.

CIP produced +5.2% like-for-like NOI growth, a near record 226,200sqm of leasing completed, spreads moderating to 30%, and +$116m like-for-like valuation gains, resulting in NTA up 2.3% to $4.01/unit.

FY27 FFO guidance of 18.8-19.2cpu was above market expectations, while the 17.3cpu of distribution guidance in FY27 reflects a more modest 3% growth (vs pcp), driven by rent reversion leasing in the second half.

We rate CIP ACCUMULATE, with a $3.25/sh PT, as the 6% distribution should continue to grow as rental income grows through a mix of positive rent reversion and lease indexation.

Waypoint REIT Ltd (ASX: WPR)

The Waypoint REIT share price is $2.27, down 1.1% today and down 17% over 12 months.

Morgans also has an accumulate rating on this ASX dividend share, which offers a 7% annual distribution.

The broker commented:

WPR's 1H26 result was marginally ahead of our expectations, with management reaffirming CY26 Distributable EPS (DEPS) guidance of 17.14cps.

With limited expiries in CY27/28 (13% of NLA), WPR remains sensitive to the wider rate environment, and physical asset transactions point to some incremental softening in cap rates, albeit highly contingent on asset quality and location.

Trading at a c.7% distribution yield and 20% discount to NTA we do see value.

However, higher rates are likely to remain a headwind to earnings growth over CY27/28.

To this end, our target price remains broadly unchanged at $2.55, as we reiterate our ACCUMULATE recommendation on valuation grounds.

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Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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