Absolutely, however you have to choose your HQ (and country) quite carefully.
Because cargo is very sensitive to route image and never starts at potential levels, starting as pure cargo airline is quite harder and you need high demand in order to really be undersupplying.
Or, be very cautious and patient, and it will be slower.
Best places are Japan, the US, Germany and the UK. Should still be possible in all Western Europe, but not as big. And China, HKG, SIN, Taiwan, etc., but not before the 80s or even late 90s (for China and SIN), as this works with CBD, based on GDP per capita, thus following more or less real economic conditions.