(Adapted from The Joy of Cooking)
3/4 cup white granulated sugar
1/4 cup water
1 14 oz. can sweetened condensed milk
1 1/2 cups unsweetened coconut milk
pinch of salt
4 large whole eggs
3 egg yolks
Preheat oven to 325 degrees and move the rack to the center position.
Place sugar in a heavy bottomed saucepan and evenly sprinkle the water over the sugar. Turn heat on to medium high. Swirl the pan by the handle, do not stir with a spoon, until the sugar has dissolved and you have a clear syrup. Bring to a rolling boil and cover tightly with a lid. Cook for 2 minutes. Remove lid and continue cooking the syrup until it turns a deep amber color. Quickly remove from heat and pour caramel into a 9″ pie plate. Tilt the pie plate to cover the bottom with the caramel. Set aside.
In another saucepan bring the sc milk and the coconut milk to a boil and cook for 5 minutes. Set aside to cool slightly.
In a large bowl, beat the yolks and whole eggs with a whisk. Slowly add the milk mixture while whisking, being careful not to curdle the eggs by pouring the milk in too quickly. Pour the complete mixture into the pie plate.
Place a kitchen towel on a large rimmed baking sheet (big enough to fit the pie plate and with a raised edge–like a jelly roll or roasting pan). Place the filled pie plate on the towel and add hot water to go half way up the sides of the pie plate. Carefully place the flan in the oven. Bake until the flan barely jiggles in the center–anywhere from 30 minutes to an hour. (Do not overbake or the flan will be grainy.)
Let the flan cool and refrigerate for at least 4 hours or overnight. (It is better the next day when well chilled.) To serve, place the bottom of the pie plate in warm water for a few seconds to warm the caramel. Run a very sharp, thin, non-serrated knife all around the edge. Invert onto a serving tray and cut into small wedges. Keeps for about 4 days in the refrigerator.