Daily Brief TMT/Internet: Kioxia Holdings , SemiFive, Tekscend Photomask, WRKR, GoodRx Holdings Inc, Taiwan Semiconductor (TSMC) – ADR and more

• Toshiba Corp (6502 JP) has sold over 5% of shares outstanding in Kioxia Holdings (285A JP) over the last month as the stock has run up.
• The increased market cap and higher float should result in index inclusion and passive buying for Kioxia Holdings (285A JP) in November. Then an upweight in another index in December.
• Toshiba Corp (6502 JP)‘s selling could also lead to Kioxia Holdings (285A JP) meeting JPX’s tradable share ratio and removes an overhang for the stock.

• SemiFive is getting ready to complete its IPO in KOSDAQ in December 2025. The IPO price range is from 21,000 won to 24,000 won per share.
• Total IPO proceeds are estimated to be between 113.4 billion won to 129.6 billion won. The market cap is expected to range from 708 billion won to 809 billion won.
• SemiFive is one of the global leaders in custom AI semiconductor (ASIC) design. 

• Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
• On the IPO front, India saw a host of listing, while HK is gearing up a busy year end.
• On the placements front, we had a look at some of the IPO lockups. There weren’t any large placements this week.

• Wrkr Ltd (ASX:WRK) offers compliance solutions for Australian superannuation contributions and payroll including member onboarding, super payments, messaging and employee validation.
• We have taken the opportunity to incorporate the recent $15m capital raise into our numbers and fine tune client migration timing, which has resulted in reductions to our FY26 estimates, but an increase to our FY27 revenue forecasts as AustralianSuper (set to migrate between February and June 2026) is larger than our previous user assumptions.
• We also take a more aggressive view on near-term cost growth relative to revenue.

• GoodRx operates a leading digital healthcare platform in the U.S., capitalizing on the opaque and high-cost prescription drug market by offering price transparency and discounts, primarily earning revenue from Pharmacy Benefit Managers (PBMs).
• The company faces a highly competitive and evolving landscape with threats from direct competitors, large new entrants like Amazon, and disruptive models such as Mark Cuban’s Cost Plus Drugs, alongside significant reliance on a concentrated number of PBM partners.
• Future growth hinges on diversifying revenue streams beyond prescription transactions into pharma manufacturer solutions, subscription services (GoodRx Gold), and telehealth (GoodRx Care), while navigating regulatory risks and strengthening direct relationships with pharmacies.

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• Q3 2025 revenues of $33.1 billion, slightly exceeding the upper end of the guided range, up 10.1% QoQ and up 40.8% YoY.
• On track for 35% YoY revenue growth in 2025, with revenue likely to exceed $120 billion
• No QoQ revenue growth this quarter suggests either AI demand growth has stalled or TMSC is maxed out at the leading edge. Methinks it’s the latter..