He desoldered the two old, tired electrolytic capacitors and soldered in new, high-quality replacements, ensuring the polarity was correct (minus to ground).
4.5 Protection: Overcurrent, Overvoltage, Thermal
Apply an external 12V (current-limited) to the output. Measure TL431 Ref pin – should be 2.5V. If not, check R12/R13. Then check optocoupler LED voltage (should be ~1.1V). If both are fine, the optocoupler transistor side on the primary may be open.



