Poly PS’s FY21 core profit was in line with our estimate at Rmb853m (+31% yoy). But it has cut its dividend payout ratio to 20% to preserve cash for MA. Poly PS should see continued growth in managed GFA from its parent and 3P contracts. Segment GPM would be under pressure due to public facilities. Management believes its receivables from local governments (1-3 months of A/R period) are collectable. Reiterate Hold with a lower TP of HK$47.0.