You're listening to an S-D DAC there, what do you expect? If you don't love the sound of noise modulation, choose a NOS DAC.
Don't generalize my friend One of the most analog sounding players at least 3 of us here have heard is SD. I think I can actually count 7, four of whom are owners. It ain't grandpa's SD that's for sure, least amount of haziness so far. Unfortunately, in this day and age, it should have at least an SPDF input, so technically while it has a DAC, it isn't one.