Morgans rates these ASX dividend stocks as buys

Are you looking for income opportunities in November? If so, it might be worth taking a look at the two ASX dividend shares listed below that Morgans rates as Buy.

Here’s what you need to know about these dividend payers:

Baby Bunting Group Ltd (ASX: BBN)

This leading baby products retailer could be an ASX dividend share to buy, according to Morgans analysts.

Although Baby Bunting struggled in FY2023, the broker seems to believe the worst is now over. This led to Morgans recently raising its “NPAT estimates by 17% in FY24 and 7% in FY25 due to cost savings initiatives and higher sales assumptions.”

Morgans now forecasts a fully franked dividend per share of 9.9 cents per share in fiscal 2024 and 12.9 cents per share in fiscal 2025. Based on the current Baby Bunting share price of $1.77, this represents a yield of 5.6% and 7.3% respectively.

The broker currently has an add rating and a $2.50 price target on its shares.

Dexus Industry REIT (ASX:DXI)

Another ASX dividend share that could be a buy is Dexus Industria. It is a real estate investment trust with a focus on industrial warehouses.

Morgans is also a fan of the company. It has previously highlighted its attractive yield and “solid underlying portfolio metrics and short- and medium-term growth opportunities through the development pipeline.”

In terms of earnings, the broker expects dividends per share of 16.4 cents in FY 2024 and 17 cents in FY 2025. Based on Dexus Industria’s current share price of $2.49, this means a dividend yield of 6.6% and 6.8%.

The analysts have an add rating and a $3.19 price target on the stock.