The original unit sounds sweet with good details and respectable bass. However my unit required about an hour of running in before the sweetness appears. And there is the off-tone issue as per my original Luxman and Audiolab. Hence it was time to recap.
After I replaced the electrolytics on the power amplifier board, I proceeded to replace the dark green ploy caps in the pre-amp section (aka previously middle of the pix below) with EPCOS (blue) poly of the same values. That did the job!
Recapping was an easy process as all components are easily accessible with the base plate removed.
The PM-45 is a nicely balanced unit altogether!