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I have Topping 90SE DAC and Panasonic DP-UB420-K 4K Ultra HD Blu-ray Player, the player has dedicated HDMI for audio if I send PCM digital stream from blue ray player trough dedicated HDMI to HDMI/IIS I2S adapter and from adapter to IIS input should I still get decoded Dolby Digital Plus, Dolby TrueHD, DTS-HD® High Resolution Audio and DTS-HD® Master Audio
From Manual
DTS/DTS-HD
Select the audio signal to output.
≥ Select “PCM”, when the connected
equipment cannot decode the respective
audio format. This unit decodes the audio
format and transmits to the connected
equipment.
The way the manual is written it sounds like it'll only convert DTS/DTS-HD to PCM. Other formats will not be decoded and you won't hear any output.
You should use optical output from the BD player and connect that to your DAC. You will not have access to lossless formats this way.
edit: reading the spec sheet it sounds like TrueHD decoding to PCM output is possible. But with the converter box in the chain, it's tough to say what might happen. It may pass nothing. It may remove the extra channels and only pass L/R without properly downmixing... but maybe you can set the Bluray player in such a way that it only outputs 2 channels from your HDMI and handles all downmixing for you. That should theoretically work. But I would want to buy from somewhere with a good return policy in case it doesn't.