Overview
Cookpad (OTCMKTS: CKPDY, TYO: 2193) is a Japanese food recipe-sharing platform with a presence in over 71 countries and services in 26 languages. Despite the ambitious global vision, we think that it will continue to see a limited upside potential overseas with its core subscription business model. Monetization has been Cookpad’s biggest issue. Its best monetization model, Japan-only premium subscription service, has been growing in single-digits over the last two years. Other forms of monetization, such as revenue sharing agreement and advertising, have also not been working well as revenue has declined from ~¥17