高收益工具包：工业与服务周报

62 earnings, VRRM new Avis & Hertzcontracts, and WNC revolver A&E Industry Overview Potential STJETEUR IPO (BBG), Kone 2ndrequest on TK acqKey Highlights:1)Earnings from ADI Distribution (ADIG), Advanced Drainage Systems 28 August 2026 High Yield CreditNorth AmericaIndustrials (WMS), AECOM (ACM), Air Control Concepts (HOBBSA), Alight (TEACLL/ALIT), AllianceLaundry (ALH), Allied Universal (UNSEAM), Alta Equipment Group (ALTG), Amentum(AMNTEC/AMTM), Amsted (AMSIND), Artera Services (POWBUY), Atlantic Aviation(ATLAVI), ATS Corporation (ATSCN), Axon Enterprise (AXON), Block (XYZ), Brink’s (BCO),C&D Technologies (CHHP), CACI International (CACI), Centuri (CTRI), Club Car (CLUCAR),Conduent (CNDT), Construction Partners (ROAD), Corpay (FLT/CPAY), Custom Truck OneSource / Nesco (NSCO/CTOS), Deluxe (DLX), Dexko (DEXAXL), Dycom Industries (DY),EnerSys (ENS), EnPro (NPO), Enviri (NVRI), First Advantage (FA), Flexjet (FLXJET), GlobalBusiness Travel Group (AMXGBT/GBTG), Global Infrastructure Solutions (GOINSO), GPGI(COMPOS/GPGI), Hyster-Yale (HY), Iron Mountain (IRM), Kidde (LSFCRO), Legence(THERMA/LGN), Manitowoc (MTW), MoneyGram (MGI), Mueller Water Products (MWA),NFI Group (NFICN), Park-Ohio (PKOH), Paysafe (PSFE), RB Global (RBACN), RBC Bearings(RBC), Rehlko / Kohler Energy (DISENE), Resideo (REZI), Sabre (SABHLD), Shift4Payments (FOUR), Synergy Infrastructure (SYNRGY), TIC Solutions (ROCSER/TIC), TitanInternational (TWI), TriMas (TRS), Tripadvisor (TRIP), Tutor Perini (TPC), Veritext(VERCOR), Verra Mobility (VRRM), Vista Global (VSTJET), WillScot (WLSC/WSC),ZipRecruiter (ZIP) 2)Per Bloomberg: VSTJET is considering a European IPO to raise >$1bn (valuation >$10bn). 3)VRRM signs a new 7-year & 5-year contract extension with Avis Budget and Hertz,respectively (effective immediately) on“materially”less favorable terms. 4)Kone faces a 2ndrequest DOJ anti-trust review of€29.4bn acquisition of TK Elevator(THYELE) with Kone reiterating expected closing in 2Q’27 at the earliest. Abe Landa, CFAResearch AnalystBofAS+1 646 855 6199abraham.landa@bofa.com 5)Bloomberg: BrandSafway (BRANDI) creditors formed a co-op for lender protections. Shaun MaherResearchAnalystBofASshaun.maher2@bofa.com Exhibit1:Trading Levels and Returns of High Industrials and General IndicesThis week, the HY Cap Goods, Services & Waste indices returned (0.0)%, (0.0)% & +0.2% w/ spreads at 200bps, 301bps & 177bps Links to Past Reports:Previous Weekly:Industrials &Services Weekly 07.27.26 RelativeValue Tables: Relative valuetables begin on page 71. BofA Securities does andseeks to do business with issuers covered in its researchreports. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision.Refer to important disclosures on page 88 to 90.13013046 Exhibit3:Most Traded Issues in HY Services for the Last 10 DaysThe FOUR 6.750% ’32 were the most traded issue in HY Services with Exhibit2:Most Traded Issues in HY Industrials for the Last 10 DaysThe TEX 6.250% ’32 were the most traded issue in High Yield Industrials volumes of ~$50mn with volumes of ~$23mn YTD New Issue in High Yield Industrials Exhibit5:High Yield ServicesYTD New Issues in High Yield Services Company-Specific News (Alphabetical) ADI Distribution (ADIG) 08/04/2026:ADI completed its spin-off from Resideo and began regular-way NYSEtrading under“ADIG.”As part of the separation, ADI issued $400mn of 7.125% SeniorNotes due 2034 and drew a $600mn Term Facility to fund a $900mn one-time cashdividend to Resideo. ADI also assumed $150mn of preferred stock. 08/12/2026:ADIG reported 2Q’26 revenue of $1.286bn, up +0.7% year over year andaboveits $1.243bn to $1.259bn guidance range. Average daily sales increased 2%despite one fewer selling day and a difficult comparison against 10% organic growth in2Q’25. Commercial security returned to mid-single-digit growth, and managementbelieves that most of the market share lost during the ERP disruption has beenrecovered. Backlog and daily sales remained healthy across video surveillance, accesscontrol, and fire and life safety. Growth in security, ProAV, and data communications waspartially offset by continued residential AV weakness amid a soft U.S. housing market.Exclusive Brands generate approximately $800mn of annual revenue, including morethan $600mn from residential AV, with the growth strategy focused on increasingpenetration across approximately 100,000 legacy ADIG customers. However, ExclusiveBrands revenue declined nearly 3% in 2Q’26. Adjusted EBITDA declined 5.6% year over year to $84mn,in linewith the $81mn to$87mn guidance range, while adjusted EBITDA margin contracted 50bps to 6.5% from7.0% in 2Q’25. Gross margin increased 50bps to 22.7%, including a ~$20mn, or 160bps,benefit from tariff refunds. This was partially offset by unfavorable price and mix,includi