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Date : 27/02/2024

Best 3 ASX Dividend Stocks to Watch

Investing in dividend stocks is smart for anyone looking to get a steady income from their investments and the potential for growth. Some dividend stocks stand out on the Australian Securities Exchange (ASX) for their performance and potential. In this article, we’re focusing on three of them: Charter Hall Group (ASX: CHC), Dexus Convenience Retail REIT (ASX: DXC), and HomeCo Daily Needs REIT (ASX: HDN). Each company operates in the real estate sector, offering a unique take on property investment, from managing and developing various property types to specializing in convenience retail and neighbourhood shopping centres. Let’s dive into what makes these dividend stocks worth considering.

Charter Hall Group (ASX: CHC)

Leading our list is Charter Hall Group (ASX: CHC), a prominent player in the ASX 200, renowned for its expansive portfolio in office, retail, industrial, and residential sectors. We hold Charter Hall in high regard, bestowing a ‘buy’ rating alongside a promising price target of $13.50. This optimism stems from the company’s solid portfolio and an impressive track record in management. With dividends anticipated to be 45 cents per share in FY 2024 and 48 cents in FY 2025, investors can look forward to yields of 3.65% and 3.9%, respectively, based on the current share price of $12.12. Such figures underscore Charter Hall’s appeal as a reliable source of dividend income.

Charter Hall Group Shares

Dexus Convenience Retail REIT (ASX: DXC)

Next, we spotlight Dexus Convenience Retail REIT (ASX: DXC), a specialized fund focusing on convenience retail and service station properties. With a strategic portfolio of 101 assets primarily on Australia’s eastern seaboard, the REIT prides itself on leasing high-calibre tenants under attractive, long-term agreements. We view DXC’s current trading at approximately a 34% discount to its stated net tangible assets (NTA) as excessively harsh. This perspective is buoyed by the sub-sector’s apparent price discovery and the commercial real estate market’s preference for assets of smaller cheque sizes. Forecasted dividends of 20.9 cents per share for FY 2024 and 20.5 cents for FY 2025, translating to yields of 7.5% and 7.3%, respectively, at the current share price of $2.80, further highlighting the investment appeal of DXC. We maintain a ‘buy’ rating with a $3.00 price target on its shares.

Dexus Convenience Retail Shares

HomeCo Daily Needs REIT (ASX: HDN)

Rounding out our trio is HomeCo Daily Needs REIT (ASX: HDN), favoured by our analysts for its focus on neighbourhood retail, large format retail, and health and services. Over 80% of its tenant base comprises ASX-listed and/or national retailers, underscoring the quality and reliability of its income streams. With an ‘add’ rating and a price target of $1.37, we anticipate HomeCo Daily Needs to deliver above-average yields in the near future. Dividend forecasts stand at 8.3 cents per share for FY 2024 and 8.5 cents for FY 2025, offering yields of 6.5% and 6.7%, respectively, against the current share price of $1.27.

HomeCo Daily Needs Shares

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