dividend sustainable?

I have been watching DWS over the most recent ASX rally, and it has barely moved, intact gas fallen back a bit. I can only think that this company is somewhat defensive in it's earning and will underperform during rallies, and outperform during downturns. Would anyone agree? I calculate little earnings growth over the next two years, mostly due to the high payout ratio and government cutbacks. However, with a dividend yield of 8pc, DWS does not need much growth. Just the continued stable earnings growth, single digits. So, what do we all think? Are the earnings able to support the current yield over the next few years? Will telstra continue to pull work offshore? Below $1.50 would be a very nice entry IMO