At five years old, this is a relatively late introduction to racing — most horses debut at two or three — though that doesn't necessarily mean anything is wrong. Some horses simply take longer to develop, and Chris Waller's yard has a reputation for patience and precision when it comes to placing horses at exactly the right moment.
Waller himself is one of the most respected trainers in the southern hemisphere, and his team has already sent out five winners this season, which shows the yard is in decent form heading into this run. When a trainer of that calibre finally decides a horse is ready to race at five, it tends to mean they like what they've seen at home. There's nothing to bet your house on here, but there's plenty of reason to watch with interest.