Bloody hell, these heaters are a nightmare... got probably about 4-5 hrs sleep last night making sure that my new (replacement) heater didn't fry my fish. Set it to 26 degrees celsius (79F) and it kept trying to heat past 27 (80.6 F).. so had to resort to powering it off every so often to maintain a tolerable temp.
Today I tested it in a 5 gal bucket. It heated up to a whopping temperature of 29 degrees celsius

Trying to recalibrate it now, but the dial only moves 2 degrees to the right... Guess I'll just have to set it a bit lower on the blue dial.
Judging by how crucial a reliable heat source is with tropical fish keeping, you'd assume that manufacturers would ensure the outmost accuracy and reliability of their products. However, seems that there are no decent heater products available in my part of the world. What makes matters worse is that no one supplies aquarium temperature controllers where I am as well.