MATLAB is a "Turing Complete" programming language; you can write any program in MATLAB that can be solved by any other "sufficiently powerful" deterministic language (memory permitting.)
The answer to your question of whether code what the desired effect can be written in MATLAB is then the same as the answer to the question of whether deterministic code can be written for that purpose in any (sufficiently powerful) programming language.
Whether it is possible to write such code at all is, I believe, still a matter of active research, and this is not a steganography research forum. If there are any steganography researchers using this Answers forum, they have not revealed themselves in any posting I have seen.
What I know of the field suggests to me that the answer to your question is NO, that what you are asking about is not possible. As you did not put limits on the transformations, you are essentially trying to invoke the Law of Contagion:
The law of contagion is a folk belief axiom found in magical thinking which suggests that, once two people or objects have been in contact, a magical link persists between them unless or until a formal exorcism or other act of banishing breaks the non-material bond.
You are placing a watermark in contact with an image, and you want to be able to transform the result to unlimited degree, but you want to be able to always get the watermark back. That's Alchemy.
If you had limited the degree of transformations and the varieties of transformations, then it might be possible. After all, it is possible to retrieve the watermark if no transformation is done at all. The real question for researchers is how much transformation of what varieties still allow you to retrieve the watermark. And that is a research question, not a MATLAB question.
