This article first appeared in The Sound Advocate, with whom PMA Magazine has a content trading program.

The Musician Pegasus II R2R DAC offers a world of heavenly high-end sound at an amazingly low price!

_{Prices are listed in US$.}

The second version of the Musician Pegasus R2R DAC is so good that it is hard to find the correct words to describe its immensely fulfilling audio quality and musicality. Version 2 of the Pegasus adds adjustments to some of the capacitor specifications and capacities for improved sound quality over the original version.

The Chinese company Guanghou LEZHIJIA Technology Co., also known as MUSICIAN Audio in the US, manufactures an array of analog and digital electronics. The Musician Pegasus is constructed of an aluminum slab, has three blunt, elastomer-tipped feet, and only three buttons on the front of it. It costs a pittance at $1099. On its front faceplate, the right flanking button selects conversion modes and the left bordering button chooses input, while the larger central button engages the gadget with a long click.

It has much if not more (in some ways) of the beauty of my current reference, The Mojo Audio Mystique X, which, by chance, happens to cost about $5000 more. I have compared these two products extensively, and as you will see further on, the Pegasus leaves little to be desired as compared to the Mystique X with its excellent sound qualities!

LET’S DELVE INTO THIS GIANT KILLER

The Pegasus came in a large package, but was the smallest and most lightweight R2R ladder DAC I’ve encountered. For added safety, the Pegasus DAC is covered in a large quantity of foam to hold it neatly and it is easy to remove from its solid box. A power cable is included in the box.

With just a few buttons and multiple red LED indications, the front panel is straightforward. However, it’s not only about aesthetics because the back of the Pegasus is very easy to set up and its panel is perfectly displayed for easy use while having some excellent connectors, such as the gilded IEC power socket from the well-known Furutech brand.

This 24-bit R2R + FPG DAC includes on its front panel an adjustable oversampling (OS) and non-oversampling (NOS) mode switch. (The latter is the way this little beast SHOULD BE USED!)

Essentially, when you are in an oversampling mode, you are hearing the effects of the filter. In NON-oversampling mode, you are hearing what the DAC’s designers selected as the setting that provides the best listening experience!

Although Pegasus provides the standard digital inputs—USB, S/PDIF, optical, balanced AES, HDMI, and—surprising at this price point—I2S, all my sound assessments, included below, were made using the S/PDIF digital input. (Do not let enthusiasts proclaim a lack of quality here; if your system is of the highest resolution, that’s what you will hear with the S/PDIF connection!)

RCA (2.2v RMS) and XLR (3.55v RMS) are among the outputs. The voltages of both outputs were somewhat lower than those frequently encountered in modern high-end DACs. However, since many DACs have far higher output voltages, which cause gain problems in many users’ systems, I found this to be quite enjoyable.

There was no instruction manual included but most users will find working the connections a breeze to understand and use.

SET UP AND SOUND QUALITY

My current test equipment consists of the Pass Labs XP-12 preamp, Argent/ Pur monoblocks, Mojo Audio Mystique X (R2R) DAC and my current favorite, and reference at its price point, The Q Acoustics Concept 500 loudspeakers. I use the fabulous Innuos Statement for streaming, (with their Sense app for program sources) fed content mainly via Qobuz.

I make no apologies here for using mostly classical selections to audition the Pegasus. I enjoy great pop-rock music, but pop-rock recordings are by no means the best way to evaluate the naturalistic sound qualities of a high-end product; in almost all cases, such recordings are too electronically manipulated. The classics (with a minimum of microphone placements) will be able to exploit the Pegasus’s potential as well as reveal any shortcomings.

I was immensely impressed by the Pegasus straight away, as it presents music in a relaxed, smooth, open, detailed, and fluid way. It sounds silky smooth, overtly transparent in the midrange, and most importantly it exhibits barely any compromises in the mid-frequencies. Its ordinately accurate soundstage presentation sounded amazingly natural and precise with all types of music, particularly classical, which is incredibly hard to portray even by a very articulate sound system.

This type of presentation reached way above the Pegasus’s price point and as such the Pegasus could be considered a “high-end” DAC rather than a budget one. The musical sound-field includes tremendous amounts of bass impact, subtle detail, and great midrange musicality. 

The Pegasus had a level of pace and timing which is superb for a DAC at this price. There is no digital stress or hardness to the music that is a sign of less well-engineered R2R DACs. In contrast, the Pegasus sounds composed, smooth, elegant, and unwavering in its musical delivery. It sounds so musically steady, focused, and melodious that you’ll want to keep listening to it and programming new music into it.

The Pegasus’s treble may be a bit “sumptuous” and softer compared to some other DACs, but depending on the type of music you’re listening to, this could be an advantage. Both male and female vocals sound incredibly realistic and natural while having an “instinctual” presence. They also have a clean, unforced tone with a somewhat unique and pure tonality. Because they create a musically rich balance throughout the huge soundstage, orchestral performances and operatic voices sound faithful to the source.

I initially felt the bass was a touch softer through the Pegasus than I am used to, but with more listening I determined it’s balanced quite nicely and exhibits an overall even, impactful presentation. It is clean, compact, and tight. Bass drums, cellos, and double bass sounded wonderful while upper massed violin strings sounded superbly satiny and extremely natural. The bass has a fine fundamental character and flow to it.

The NOS button is an interesting one. In its default OFF position, with the oversampling feature in use, the sound delivers outstanding soundstage depth and width. With the NOS selected to ON (oversampling off), the sound is much more lavish, palpable, delicate, and intricately real-sounding, with better musical timing and a more balanced presentation. I preferred the sound with the NOS enabled with no oversampling, which is as it should be. Some audiophiles may prefer a more demanding upfront sound if that is your preference. You have a good choice here.

COMPARISON

I compared the Pegasus II to my reference DAC, the Mojo Audio Mystique X DAC (R2R) which is much more expensive than the Pegasus. Although I discovered some fine similarities, they differed in certain sonic areas.

I don’t normally use the term “organic” to describe sound quality, but I can safely say that, compared to the Pegasus, the Mojo Audio Mystique had a touch more solidity in its bass and a more organic “resoluteness” to its delivery. On the other hand, the Pegasus was equally impressive in its “airiness around instruments” and stability in its center imaging. The Pagasus’s unfatiguing treble quality was also similar to that of the Mystique X DAC.

In the end, both DACs are great to listen to and deserve to be used in the most distinctive high-end systems. I have the opportunity to use both now, but if your budget is a bit tight, the Pegasus II should be on your short list!

SUMMARY

All things considered, you should not underestimate the Musician Pegasus II DAC based on its price. There are audiophiles and music lovers who fawn over more upsampling and more elaborate, costly DACs, not because they (necessarily) sound better but because of their prestigious nameplates and high cost. I feel bad for those types. Musicality is the point of a great product and Pegasus has this in spades!

Do not be fooled by its price. This is a performer that could take four encores in a concert hall orchestral performance! The Pegasus II R2R DAC has so much going for it, including an innate natural sound that should be heard by everyone. Openness, transparency, subtle (and not bright) treble, excellent midrange integrity, and detail—these are the qualities the Pegasus offers as it transforms your audio system into a gem of gems.

When fully warmed up, the Pegasus delivers supremely smooth treble, a lovely, illustrious midrange, and delicately tight bass response with all your favorite sources, be it rock, jazz or classical music. Its price warrants an outstanding buy!  A great component, excellent build, and magnificent sound. This unit is a keeper!

Reference Components used for evaluation

Loudspeakers:

• Q Acoustics Concept 500

Digital:

• Mojo Audio Mystique X DAC
• Innuos Statement server/streamer
• Audio Note (UK) CD3.1x/2 player/DAC

Analog:

• Audio-Technica LP-7 turntable
• ZYX Bloom 3 MC cartridge

Amplification:

• Pass Labs XP-12 preamplifier
• Pass Labs XA30.8 power amplifier
• Argent/Pur mono-block amplifiers

Cables & Power Conditioning:

• Inakustik AC-3500P power station
• Inakustik AC-2404 Reference Air power cord
• Argent/Pur 12 loudspeaker cables
• Audience Front Row speaker cables/interconnects
• Clarus Crimson 75-ohm digital S/PDIF cable
• Audio Art 1 e” AC power cord

*Version 2 of the Pegasus adds adjustments to some of the capacitor specifications and capacities for improved sound quality.

Features
Proprietary R2R + DSD Architecture
True balanced 24BIT R2R + 6BIT DSD (32 steps FIR Filters)
Low Noise Power Supply
FIFO Buffer
Digital Signal Processing via FPGA
DSD1024, PCM1536 Supports USB & I2S Input (the audio source needs to be compatible with the native interface)
Proprietary USB Audio Solution via STM32F446 Advanced AMR-Based MCU
Licensed Thesycon USB Driver For Windows Platform
Driverless On Mac & Linux

DSD
DSD64-DoP On All Input
DSD1024 On USB & I2S Input

PCM
24bits / 44.1, 48, 88.2, 96, 176.4, 192KHz On All Input
1536kHz On USB & I2S Input

Sampling Mode: Non-Oversampling NOS / Oversampling OS

Digital Input
Coaxial * 1 via RCA
Optical * 1
USB * 1
AES/EBU * 1
I2S via HDMI LVDS * 1

Analog Output
RCA: 2.2Vrms
XLR: 3.55Vrms

Specifications
Frequency Response: 10Hz~60KHz
THD+N: 0.002%
S/N Ratio: 123dB(A-weighted)
Dynamic Range: >120dB
AC Power Requirement: 110-240VAC, 50/60Hz (Worldwide Voltage)
Power Consumption: ≤20W
Dimension: 280 x 250x 50 mm
Package Dim: 375 x 330 x 115 mm
Package Content: DAC + AC power cable, No remote control.
Weight:3.9 Kg
Color: Silver / Black

PEGASUS R–2R DAC US$ 1099
Baiyun District, Guangzhou City

Guangdong CN
+86 20-39293669

www.musician-audio.com

US Representative:
Audio Art Cable
San Diego CA
+1 619-417-3035
www.audioartcable.com

For more, visit The Sound Advocate, a HiFi publication that offers “Sound component reviews and commentary For The Discerning Listener!”