Morgans is now expecting a June distribution of 9.4cpu after Hotel Property Investments upgraded FY23 DPS guidance to 18.6cpu from 18.4cpu.

Management has also reinstated its dividend reinvestment plan (DRP) which was suspended for the interim dividend.

Hotel Property Investments has also finalised two acquisitions (total outlay -$13.4m) and increased its hedging program.

The target slips to $3.75 from $3.76. The Add rating is unchanged.

Sector: Real Estate.

Target price is $3.75.Current Price is $3.45. Difference: $0.30 - (brackets indicate current price is over target). If HPI meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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