Aldo, you didn't tell us whether it has always smoked or this has just come on it recently. If it has happened after it was no longer new, has the carburetor been tinkered with?
If it has no damage to the piston, and 92 psi compression, it sounds as if the problem is probably not piston ring leakage. Also, if the exhaust port is clean, it is not all that likely the muffler is carboned up (though not impossible). Personally I'd begin by looking for a dirty intake air filter, or a flooding carburetor. Rich mixture sounds a fairly likely cause of the problem, given that it starts from cold without using the primer, which its manufacturer doesn't seem to think it will do.
You might consider beginning by taking off the air filter, checking that the choke is opening fully, and running it briefly without the filter to see if it still smokes. If it does, the next most likely problem seems to be metering lever set too high (the leading cause of flooding or very rich mixture in diaphragm carburetors).
