Murray Baker has had his share of Underwood Stakes success but the New Zealand trainer admits his latest star It's A Dundeel faces a challenge to gift him a third win in the Group One race.

Baker has won the Underwood with The Phantom (1990) and Lion Tamer (2011) and has last season's Sydney three-year-old triple crown winner It's A Dundeel taking his next step towards the Cox Plate in Saturday's race at Caulfield.

It's A Dundeel will strip fitter from his first-up fourth to Atlantic Jewel in the Group One Memsie Stakes (1400m) and while Baker believes 1800m is still slightly short of the four-year-old's best distance, he expects him to be finishing strongly.

"Whether he's good enough to beat the mare (Atlantic Jewel) remains to be seen. She's obviously going to be very hard to beat," Baker said.

The unbeaten Atlantic Jewel, aiming for her 10th win, is $1.45 favourite on the back of dominant victories in the Memsie and Stocks Stakes after returning from injury.

Melbourne Cup favourite Puissance De Lune is the only other runner under double figure odds at $7.50 with It's A Dundeel at $10.

"It's hard to see anything beating Atlantic Jewel on her form, but we're hoping he runs a nice race," Baker said.

A winner of four Group Ones against his own age last season, It's A Dundeel is chasing his first elite level victory in open company.

Baker said the entire had improved from his first outing of the season where he was blocked on the fence at the 200m after jumping from the inside gate.

"He got held up at a vital stage and it's hard to sprint once you've been held up and they've got going," Baker said.

Caulfield was rated in the slow range on Thursday, something that doesn't bother Baker.

The Underwood will provide a guide to the Cox Plate and other spring features as the 14-horse field includes 11 Group One winners.

"Saturday will give a bit of a line on how he's going but we feel he's getting fitter," Baker said.