This year's Melbourne Cup has come a little too soon for Kinema, but his trainer Chris Waller believes the former English stayer can be a force in another 12 months.

At his first Australian start, Kinema finished fourth in the Geelong Cup and he got a taste of Flemington on Cup day with a come-from-behind win in the Prince Of Penzance Plate.

The 2800m race on the first Tuesday in November is often seen as a consolation for those horses that don't make the Cup field or a pointer to the following year.

"He was a borderline Melbourne Cup horse this year but his ranking is not yet where it needs to be to have a fair dinkum crack," Waller said.

"We'll get him ready now for the Sydney Cup in the autumn. It's a slightly easier race and then we can look at the Melbourne Cup next year."

Ridden by Englishman Ryan Moore, Kinema ($6.50) launched his run in the straight to beat the favourite Firenze ($5.50) by a long head in the race named for the 2015 Melbourne Cup winner.

Kinema is raced by a syndicate headed by Richard Pegum who races several horses with Waller.

"He won a couple of races for Richard Pegum in England and I'm just the trainer lucky enough to get him," Waller said.

"It's also a privilege to be able to get Ryan Moore to ride. It's great to be able to call on the best jockeys in Australia and overseas at this carnival."

Among the imported horses Pegum has raced with Waller is Junoob who has been retired after his ninth in the Lexus Stakes on Saturday.

Junoob won four races in England and eight in Australia, his most victory coming in last month's Listed City Tattersalls Cup at Randwick.