Wow... Somethin' ain't right there. Well, open that up and look for, either an adjustment POT, or for cold solder joints by a Zener Diode, or an LM78##-like Voltage Regulator. Just for the heck of it, have you put it to a load, like a 12VDC light bulb, and measured the voltage under load? Not having that power supply myself, I'm just speculating, but hopefully enough to help.