Merchant Navy has maintained his unbeaten record with an impressive first-up victory at Caulfield.

The well-bred three-year-old will go chasing a Group One double at his next two starts after winning Saturday's Group Three H D F McNeil Stakes over 1200m.

Providing Mark Zahra with the third leg of a winning treble, Merchant Navy was sent off the $3.50 favourite in scoring from Booker ($6) with Muraahib ($19) 1-1/4 lengths away third.

Trainer Ciaron Maher has listed the Group One Golden Rose (1400m) at Rosehill on September 23 and the Group One Caulfield Guineas (1600m) as immediate targets.

"He's a very exciting colt," Maher said.

"He's got a great record and you love to see them resume like that."

A dual winner over 1400m during his two-year-old campaign, Maher has no doubts the son of Fasnet Rock will relish a distance rise to 1600m.

Maher said the colt had developed into a lovely three-year-old.

"He was very relaxed pre-race in the yard and going down to the start which is great signs for the future," Maher said.

"He was very raw and wanted to get on with it a little as a two-year-old and now he's furnished into a more rounded racehorse."

Zahra, who was associated in two of Merchant Navy's three wins as a two-year-old, said he can feel a bigger and stronger galloper underneath him.

He said his relaxed attitude was an attribute.

"He was toying with that thing (Booker) in front," Zahra said.

"He's going to get better with racing and when he gets further."