Flashnote: Telstra connects at its AGM There is nothing new coming out of the Telstra AGM, but sometimes that's exactly what the market wants to hear. Thodey is working hard to steady the ship and he knows that volatility in earnings is not something his shareholder base will tolerate. We think 30 cents per share dividend payout in 2014 - as forecast by many analysts and consensus - is too high and the number will come in line with that of 2013. Even still, a 28 cent per share fully franked dividend is not a bad outcome at all given low cash rates, but it does limit Telstra's ability to continue rallying. It should be a core portfolio holding for the conservative investor, but unlikely to be an investment which will shoot the lights out. Read the full note here - (VIEW LINK) Email: peter_esho@invast.com.au Direct: 02 8036 7568 Mobile: 0419 422 231

James Marlay

top summary as always Peter