Molotof survived a terrible blunder at the final flight to win the Mitie Kennel Gate Novices' Hurdle at Ascot.
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Barry Geraghty brought Nicky Henderson's charge through to challenge turning in and market rival and leader Hazy Tom was soon in trouble.
That left the brave Peckhamecho to emerge as the main threat and he had another chance when Molotof sprawled on landing at the last.
However Geraghty regathered his mount and the 2-1 winner ran on well to score by a length-and-a-quarter.
Hazy Tom stayed on strongly on to claim third ahead of Heather Royal.
"Barry said he could do with another half a mile," said Henderson.
"I don't know where he'll go but he kept on well as they went a good pace. I suppose better ground would suit everyone."
Trainer Charlie Longsdon said of Hazy Tom: "As we feared, he struggled in the ground. It was only because he won at Wetherby last time that we tried him in the ground but he started to paddle.
"He'll have a break until the spring and has still run a blinder."
Coral offer the winner at 20-1 for the Neptune at Cheltenham.
Geraghty was, though, hit with a two-day careless riding ban (December 30 and January 1) for causing interference in the first race.