For income-focused investors, the search for high-quality dividend stocks never stops. As we step into March 2025, analysts at Goldman Sachs have identified two standout ASX dividend stocks that could offer both stable income and long-term growth potential. If you’re looking to strengthen your portfolio with reliable dividend-paying stocks, these two companies may be worth considering.

Telstra Group Ltd (ASX: TLS)

Telstra remains a dominant force in Australia’s telecommunications industry, serving over 22.5 million mobile customers and 3.4 million broadband users. Its strong market position ensures consistent revenue streams, making it an attractive choice for dividend investors.

Goldman Sachs remains bullish on Telstra, highlighting its earnings stability and potential for dividend growth. Analysts believe that Telstra’s mobile business is a key driver of revenue, and its ongoing strategy to monetise InfraCo Fixed assets—estimated to be worth between A$22 billion and A$33 billion—could unlock additional value for shareholders.

Another opportunity Goldman sees is Telstra’s ability to capitalise on its recurring NBN payment stream, valued between A$14.5 billion and A$17.9 billion. While some may view Telstra’s valuation as high, adjusting for these unique revenue streams makes the stock appear far more attractive.

For income-seekers, Telstra is expected to pay fully franked dividends of 19 cents per share in FY25 and 20 cents per share in FY26. Based on the current share price of $4.14, this translates to dividend yields of 4.6% and 4.8%, respectively.

Goldman Sachs has placed a buy rating on Telstra, with a price target of $4.50.

Endeavour Group Ltd (ASX: EDV)

Another ASX 200 dividend stock worth considering this month is Endeavour Group. As Australia’s leading retail drinks and hospitality operator, Endeavour owns the Dan Murphy’s and BWS chains and manages the largest network of licensed hotels in the country.

Despite recent share price weakness, Goldman Sachs sees Endeavour as a long-term growth opportunity, particularly in the hospitality sector. Analysts believe the company is well-positioned to gain market share even amid an industry slowdown. Endeavour is currently trading at an FY25 price-to-earnings ratio (P/E) of 17x, significantly lower than its historical average of 22x and peers such as Woolworths (22x) and Coles (21x).

For dividend investors, Endeavour is expected to pay fully franked dividends of 19 cents per share in FY25 and 22 cents per share in FY26. With a current share price of $4.19, this equates to dividend yields of 4.5% and 5.2%, respectively.

Goldman Sachs has assigned a buy rating to Endeavour, with a price target of $5.10.

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