If you're looking to boost your income with some dividend shares, then the two listed below could be worth considering.
Here's why experts say these dividend shares are buys:
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HomeCo Daily Needs REIT (ASX: HDN)
The first ASX dividend share that experts rate as a buy is HomeCo Daily Needs.
It is a real estate investment trust (REIT) with a focus on convenience-based assets such as neighbourhood retail and retail parks.
Morgans is very positive on the company. It recently commented:
HDN offers investors an attractive distribution yield which is underpinned by contracted rental income. Sites are also in strategic locations with strong population growth. The portfolio has exposure to 'last mile' logistics, as well as a significant land bank with future development potential (38% site coverage with a ~$500m development pipeline).
In respect to dividends, Morgans is forecasting dividends of 8.3 cents per share in FY 2023 and 8.7 cents per share in FY 2024. Based on the current HomeCo Daily Needs REIT unit price of $1.13, this will mean yields of 7.3% and 7.7%, respectively.
Another positive is that the broker sees plenty of upside ahead for its shares. Its analysts currently have an add rating and $1.56 price target on them.
Westpac Banking Corp (ASX: WBC)
Another ASX dividend share that experts rate as a buy is banking giant Westpac.
The team at Goldman Sachs is very positive on the bank and believe it is well-placed to benefit from rising rates. In fact, the broker believes Westpac gives investors the strongest leverage to rising rates right now. Goldman explained:
We continue to see WBC as our preferred exposure to the A&NZ Financials reflecting: i) its strong leverage to rising rates, ii) while we think its A$8 bn FY24 cost target will now be unachievable, we still forecast a 7% reduction in underlying expenses, iii) its recent market update highlighted that the business is still investing effectively in its franchise.
Goldman is also forecasting some generous fully franked dividend yields. It is expecting dividends per share of $1.23 in FY 2022 and $1.37 in FY 2023. Based on the current Westpac share price of $20.60, this will mean yields of 6% and 6.65%, respectively.
And as with HomeCo Daily Needs, Goldman sees plenty of upside for Westpac's shares. It currently has a conviction buy rating and $26.55 price target on its shares.
