Try it and tell us. It seems to me that a processor with a maximum power of 8 Watts such as the S922x is insufficient for this. Nvidia Shield TV Box with a maximum power of 20 Watts can transcode, but badly and with many limitations.
Surprisingly the weedy Atomic Pi with its quad core Intel Atom processor can do this without breaking a sweat. The AMlogic chips are very specifically tailored to a very specific role.
It was over at the Atomic-Pi reddit forum, he seemed to indicate that he had multiple transcoding threads going through the PI simultaneously.
i have an Atomic-pi running a media center and its a very competent little performer if you only need 1080 resolutions. The built in 4W per channel a digital amplifier is a great boon for a single box system.