The Australian equities market continues to be an excellent source for generating passive income.

Although bank stocks frequently capture the interest of dividend-focused investors, numerous alternatives present compelling forecasted dividend yields.

Several of these stocks also offer exposure to diverse sectors of the economy, which can be beneficial for investors aiming to construct a more varied income portfolio.

Listed below are three ASX-listed dividend stocks that have received buy ratings from analysts and are projected to yield above 5% in the 2027 financial year.

Initial Investment Consideration

The first ASX dividend stock to examine is APA Group (ASX: APA).

APA Group owns and operates critical energy infrastructure, including an extensive network of gas pipelines and associated facilities that facilitate energy transportation across Australia.

This positions the company with a vital role in the national economy, as its assets underpin households, industrial operations, power generation, and overall energy security, contributing to cash flows that appeal to income-seeking investors.

Citi maintains a bullish outlook on the company, assigning it a buy rating with a price target of $11.10.

Regarding dividends, the broker forecasts APA will distribute a dividend of 59 cents per share in FY 2027. Based on the current share price of $10.31, this translates to an estimated forward dividend yield of roughly 5.7%.

Second Investment Opportunity

Another ASX dividend stock that may attract income investors is the Charter Hall Long WALE REIT (ASX: CLW).

This real estate investment trust holds a portfolio of leased properties throughout Australia, with a strategic emphasis on assets featuring long weighted average lease expiry (WALE) periods.

This extended lease structure is central to its income proposition. Instead of being heavily dependent on short-term rental market fluctuations, the REIT is designed around contracted rental income from a diversified tenant base across various sectors.

Citi also identifies value here, issuing a buy rating and a $4.10 price target for its shares.

The broker anticipates Charter Hall Long WALE REIT will pay a dividend of 25.7 cents per share in FY 2027. Given the current share price of $3.75, this represents a projected yield of approximately 6.9%.

Third Potential Pick

A third ASX dividend stock worthy of consideration is Universal Store Holdings Ltd (ASX: UNI).

It is a fashion retailer targeting the youth market, operating a portfolio of brands and stores designed for younger consumers.

While retail stocks can be subject to economic cycles, Universal Store has established a robust position within its niche. Its store network, brand assortment, and insight into youth fashion trends provide a competitive edge in a crowded marketplace.

Morgans holds a favorable view of the company, bestowing a buy rating and a $9.50 price target on its shares.

On the income front, the broker expects the company to distribute a fully franked dividend of 46 cents per share in FY 2027. Based on the current share price of $7.34, this implies a forward dividend yield of about 6.3%.