These ASX dividend shares have been tipped as buys this month

Here are a couple of dividend shares that could be in the buy zone…

Are you looking to add some dividend shares to your portfolio this month? Then take a look at the ones listed below.

Both dividend shares have been tipped to grow their distributions over the coming years by analysts. Here's what you need to know about them:

asx dividend shares represented by tree made entirely of money

Image source: Getty Images

Bapcor Ltd (ASX: BAP)

The first ASX dividend share to look at is Asia Pacific's leading provider of vehicle parts, accessories, equipment, service and solutions.

Bapcor has been growing at a solid rate over the last few years. This has been underpinned by its strong market position, growing store footprint, a favourable redirection in consumer spending, and robust demand for used cars.

And while FY 2022 is expected to be a touch subdued due to lockdowns and the cycling of strong sales in the prior corresponding period, the company has still been tipped to pay an attractive dividend.

The team at Citi, for example, is forecasting fully franked dividends per share of 23 cents in FY 2022 and then 25 cents in FY 2023. Based on the current Bapcor share price of $6.79, this will mean yields of 3.4% and 3.7%, respectively.

Citi has a buy rating and $8.25 price target on the company's shares.

Centuria Industrial Reit (ASX: CIP)

Another ASX dividend share to look at is Centuria Industrial. It is the largest domestic pure play industrial REIT with a portfolio of high-quality industrial assets situated in key metropolitan locations throughout Australia and underpinned by a quality and diverse tenant base.

Management notes that its portfolio is well positioned with an 89% weighing to Australia's high performing eastern seaboard industrial markets and underpinned by a strong tenant base. In respect to the latter, approximately 62% of portfolio income derived from occupants directly linked to the production, packaging and distribution of consumer staples, telecommunications and pharmaceuticals.

Macquarie is a fan of the company. Its analysts are forecasting dividends per share of 17.3 cents in FY 2022 and 18.7 cents in FY 2023. Based on the current Centuria Industrial share price of $3.70, this will mean yields of 4.7% and 5%, respectively.

The broker has an outperform rating and $4.16 price target on its shares.

Motley Fool contributor James Mickleboro 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 recommended Bapcor. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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