Snapping up high quality ASX shares when they are cheap is one of the best things an income investor can do.

The good news is that there are a number of shares that could be undervalued at current levels according to analysts at Goldman Sachs. But which ones?

Two cheap ASX dividend shares to consider buying next week are listed below. Here's what you need to know about them:

GQG Partners Inc (ASX: GQG)

The team at Goldman Sachs thinks that GQG Partners could be a cheap ASX dividend share to buy when the market reopens.

It is global investment company that manages US$153 billion on behalf of investors such as large pension funds, sovereign funds, and wealth management firms from around the world.

Goldman currently has a buy rating and $3.00 price target on its shares. This compares favourably to its current share price of $2.36, implying potential upside of 27% for investors between now and this time next year.

In addition, some generous dividend yields are expected in the coming years by its analysts. For example, the broker is forecasting dividends per share of 15 US cents (23.6 Australian cents) in FY 2025 and then 17 US cents (26.8 Australian cents) in FY 2026. This equates to very large dividend yields of 10% and 11.3%, respectively.

Woolworths Group Ltd (ASX: WOW)

Goldman Sachs also thinks that Woolworths could be a cheap ASX dividend share to buy right now.

The broker highlights the supermarket giant's very attractive valuation and positive growth outlook as the omni-channel leader in Australian retail.

Its analysts note that that "the stock is trading at FY26e P/E of ~20x, approximately -1std below its historical average, we expect recovery in market share and cost discipline and scaling of retail media to drive recovery in AU Food EBIT margin, with trough earnings in NZ/W Living also support earnings recovery from 2H25 onwards."

In light of this, Goldman Sachs currently has a buy rating and $36.10 price target on Woolworths' shares. Based on its current share price of $30.70, this suggests that upside of 17.5% is possible for investors over the next 12 months.

As for income, the broker is forecasting fully franked dividends of 92 cents in FY 2025 and 110 cents in FY 2026. This equates to attractive dividend yields of 3% and 3.6%, respectively, based on where its shares currently trade.