If it fires nicely when warm and runs well when warm I would be looking at the choke.
Do the choke plates completely close using the key to energise the solenoid? If not do they close completely using the manual pull lever under the front of the cowling? Have you tried the manual lever then cranking?
The Yammy V4 cold starts very well but several things...if you over prime the bulb it will flood and Can make it hard to start cold (if the bulb is rock hard try going lighter next time) and the second is it must be fully choked.
Failing all that...crap in The carbs but that's a very distant third.
Cheers
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