Australian Cameron Smith holds a one-stroke lead after the opening day of the PGA Tour's calendar year-opening Tournament of Champions in Hawaii on Thursday.

Smith carded an eight-under-par 65 which included two eagles along with five birdies and one bogey to claim the lead ahead of three players including world number one Jon Rahm on seven under.

Rahm is tied with American pair Daniel Berger and Patrick Cantlay following rounds of 66 in good conditions.

More than half of the 38-player field broke 70 in the conditions, although Grand Slam winners Phil Mickelson, Jordan Spieth (both 71) and Justin Thomas (74) were not among that group.

Top-ranked Rahm and PGA Tour Player of the Year Cantlay were both returning to competitive golf after several months off and made fine transitions.

The Spaniard had seven birdies and no bogeys in his round, while Cantlay started with a bogey but finished in style, with four birdies and an eagle in his final five holes.

Berger might have shared the lead with Smith if not for a bogey on the penultimate hole, having made five birdies on his front nine.

Erik van Rooyen, Kevin Na and Sungjae Jim are six under, while world number two Collin Morikawa and four-time major winner Brooks Koepka are among five players at five under.

Top 20 trio Bryson DeChambeau, Xander Schauffele and Hideki Matsuyama are also not far off the pace after opening rounds of four-under for 69.