It is why his $9.50 odds with online bookmakers could present plenty of value for those still thinking about backing him.
“He hasn't been in a lot of races that he could win,” O'Shea told Racing.com.
“He could win the ATC Derby, and he ran second, beaten by a good horse (Hitotsu).
“The first time he could win this preparation he ran second again to another good horse (Alegron) in the Kingston Town Stakes and probably had to do a bit of work.
“I put the blinkers on (last start in the Might And Power Stakes) just to make sure that last little bit and he couldn't win last Saturday, but he can win this Saturday.
“This will probably be just the third time he'll go in a race he can win.”
After carrying 58kg against Australia's best weight-for-age performers before finishing sixth last start, Benaud drops to 53kg for the Caulfield Cup, where he will start from barrier 20.
O'Shea believes his four-year-old and son of Reliable Man took plenty of lessons and maturity from that run.
“It was a good run. He got around Caulfield well,” he said.
“The (slow) tempo, coupled with his first time with blinkers, saw him travel a bit keen. That will knock it out of him heading into Saturday.”