What does the cryptic crossword clue "Sad little pony, disheartened (5)" mean?

This cryptic clue uses wordplay to arrive at the answer. Visit the page for progressive hints — definition, wordplay type, and a full step-by-step explanation.

Sad little pony, disheartened (5)

Telegraph Prize Cryptic #3154 | 1 Down | 2022-04-03 flower

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