The usual problem is that whatever you have to pre warm the engine, e.g. glow plugs, aren't working properly. I don't know about your engine, what you have or the set up, but that's usually what it is.
Are you having starting problems when it is cold? Do you have to crank it over more than you think you should? When it does "start", is it running rough for a minute or two (and then the white smoke stops?)
The problem is that the fuel is cold, the engine is cold, the cylinders/lines/pumps/injectors etc are all cold. The fuel then doesn't evaporate properly, water vapour and unburnt fuel builds up end exits the exhaust as white smoke.
Do you have glow plugs? Can you check they are getting a current? Can you check they are switching off if they are getting a current? Maybe it's actually the injection timing is at fault, not the valve timing (I assume you mean the valve timing when you talk about the "timing chain".)
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