CLSA has issued a research report indicating a reduction in revenue and profit forecasts for POLY PPT SER (06049) for the 2025 and 2026 fiscal years, citing underperformance in its value-added services. However, the firm increased its target price from HK$32 to HK$36.6, based on a target price-to-earnings ratio of 10.5x, which is 0.5 standard deviations below the five-year average. CLSA maintained its "Outperform" rating, highlighting the resilience of the company's core operations and the defensive advantages stemming from its state-owned enterprise background. The report noted that while POLY PPT SER's core property management business remains generally resilient, growth momentum is expected to slow due to weak project deliveries across the industry and ongoing pressure on non-property-owner value-added services caused by sluggish sales activity.