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If you measure voltage across the battery poles while the engine isn't running a fully charged / good battery should put out over 13 volts.
When the engine is started, if it is charging the voltage should rise and maintain at least 13.5 volts.
So yes, if it is only putting out 12.3 volts something is wrong. Even if the bushes on the voltage regulator are good, it could still be faulty.
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