Under no load my unit puts out 12.36 volts; this gradually drops as the load increases, reaching 12.00 volts at 3 amps. At the 5 amp rated load the power supply is delivering 11.78 volts. That is 5% regulation from no load to full load, and 2% regulation from the nominal 12 volt output to 11.78 at full load. 5% regulation is respectable; whether that meets your definition of a 12 volt power supply I will leave to you.
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