Metallic Crown has held off all challengers to claim the Group Three Ming Dynasty Quality in at Randwick just 10 days after winning a midweek maiden.
The three-year-old colt led for the majority of the 1400m race but was under siege in the final 200m before rallying to hold off Tatoosh and Kimberley Star.
Sent out at $7.50, Metallic Crown had a half length over Tatoosh ($12) with the favourite Kimberley Star ($3.20) a nose third.
Cannyescent ($4.80) weakened inside the final 100m to finish a length from the winner.
Waller said the young horse, owned by the Ingham family, remained an unknown quantity despite the victory.
"We're still working him out, even today's race is an example of that," Waller said.
"He looked beaten but really picked up off the canvas and found the line strongly."
Waller said Metallic Crown would be reserved for later in the spring carnival, given his inexperience.
"Not spelling, but probably more spacing. I wouldn't say the Roman Consul Stakes (in October) but a similar type of race, maybe something in Melbourne," he said.
"It's his first preparation, we'll be looking at something bigger in his next."
Jockey Jim Cassidy said he was impressed by the colt's determination and will to win.
"He's a nice quality horse, I liked his win at Warwick Farm a fortnight ago," he said.
"He is still very babyish and it was a good effort to come from a midweek to Saturday."
The race was renamed the JB Cummings AM Ming Dynasty in tribute to the master trainer who died on Sunday.
Cummings trained Ming Dynasty to win two Caulfield Cups and the striking grey spent his later years as a clerk of the course's horse at Randwick.