hard drive - Why is a SMART attributing failing even though the normalized value is still 100?

I recently did a SMART scan for an external 2TB Toshiba HDD (using HDD Sentinel):

As you can see the value of Reallocated Sector Count is currently 4856 (raw 0x000012F8 in hex), so the drive is diagnosed as failing.

What strikes me as odd is that the normalized current value for the attribute is still 100, and the worst is also 100. As I understand it, when a value is normalized 100 is the highest (best state) and it gets worse as the normalized value gets lower.

So why is this attribute (Reallocated Sector Count)'s normalized value still 100, even though the raw number indicates a huge number of reallocated sectors?

This drive is also quite new and not frequently used as well, so I'm also a bit skeptical that the number of Reallocated Sector Count can be that high.

Could it be that for this manufacturer, 0x000012F8 is not to be interpreted as a simple hex -> decimal conversion, but should be interpreted in some other ways?

Here is another report using SpeedFan:

It also warns about the high reallocated sector count, but it still puts the attribute in the green zone (perhaps because it only takes the normalized value into consideration).