The most common and most likely answer to this crossword clue is the 4 letter word JACK
I've seen this crossword clue in The Times
J
A
C
K
More clues leading to the result JACK
Buddy explains!

The straight part
We know that "Hoist/flag" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case hoist/flag = jack.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does JACK mean?
JACK noun- A coarse mediaeval coat of defence, especially one made of leather.
- A man.
- A device or utensil.
- A non-tool object or thing.
- A plant or animal.
- To raise using a jack.
- To raise or increase.
- To produce by freeze distillation; to distil (an alcoholic beverage) by freezing it and removing the ice (which is water), leaving the alcohol (which remains liquid).
- To steal something, typically an automobile. Shortened form of carjacking.
- To dance by moving the torso forward and backward in a rippling motion.
- Tired, disillusioned; fed up (with).
- The edible fruit of the Asian tree (Artocarpus heterophyllus); also the tree itself.
- A home run.
- To hit (the ball) hard; especially, to hit (the ball) out of the field, producing a home run.