Hotel Property Investments reaffirmed FY23 DPS guidance of 18.4cps at its AGM. Management also updated on the sale of a regional pub for $6.2m, in line with ongoing sales of non-core assets, explains Morgans.
The focus remains, according to the analyst, on portfolio quality via the refurbishment/lease harmonisation program.
The broker retains its Add rating for the internally-managed REIT, while the target slips to $3.68 from $3.74.
Sector: Real Estate.
Target price is $3.68.Current Price is $3.12. Difference: $0.56 - (brackets indicate current price is over target). If HPI meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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