Maintain BUY on high yield. The newly amended Housing Provident Fund Regulations allow withdrawals for PM fees and home renovation, which we expect to support the collection rate and home decoration VAS demand. The company maintains a high 70% payout ratio, translating into an estimated FY26E dividend yield of 8%. We maintain BUY with TP of HK$31.37, based on 13x FY26E P/E; the 1.3% TP cut mainly reflects our earnings adjustment. Risks: 1) slower 5S VAS growth; 2) social security cost pressure; 3) weaker-than-expected third-party expansion.