Goldman Sachs Gao released research report today

Goldman Sachs Gao published a study today, maintaining a "neutral" rating on the Nasdaq:amap stock, raising its target share price to $19.9 trillion and announcing that it would move its software out of the research.

The following is the full report:

We will stop the research on the Gould software to better focus on our resources. Our final rating for the stock is "neutral". This is our last study on the Gould software.

Since May 2013 Alibaba Equity Investment, the German software has been focused on mobile market user development. February 10, 2014, the German software received a share of the Alibaba shares of ads 21 U.S. dollars of the proposal, the company is currently evaluating the proposal. For the position solution platform of the software, the advantage of Alibaba in the field of electric business will bring good strategy. Thanks to Alibaba's investment support, the company has dramatically increased its research and marketing spending to promote its applications. In the third quarter of 2013, the company's number of users has reached 171 million. For the future development of O2O business, the huge user base will be a valuable asset.

On the other hand, continued investment in location-based services and free navigation applications led to a 6.7 million dollar net loss in the third quarter of the software. We expect this trend to continue for another 4 quarters and lead to a net loss of US GAAP in 2014. But we expect the performance of the High German software to recover in 2015, this is due to: 1 The new car client and related mode of development, and the loss of BMW, the impact of the customer gradually decreased; 2) with the continuous growth of user technology and user activities, the commercialization of location-based services (e.g. advertising), and 3 The slow growth of research and development costs , and the size of the marketing campaign will shrink.

As a result of higher research and marketing spending, we lowered the 2013-2015 non-US GAAP per share earnings forecast to 0.10, 0.09 and 0.42 U.S. dollars, below the previous 0.48, 0.30 and 0.43 dollars. Our new 12-month target is $19.9, higher than the previous 11.7 dollars. This includes 8.5 dollars per share of cash, not cash value of 11.4 dollars per share. This is equivalent to 27.1 times times the 2015 comparable P/E. Maintain a "neutral" rating.