Place the sugar and water in a heavy-bottomed saucepan and cook over medium-high heat, swirling the pan occasionally, until sugar melts and forms a golden amber caramel. (**See Cook's note below.)  Have ten 1/2-cup ramekins nearby, and as soon as the sugar syrup has caramelized, pour a small amount in the bottom of each ramekin and swirl to coat the bottom and partially up the sides. Set ramekins aside.

Preheat the oven to 325 degrees F.

Heat the coconut milk in a small saucepan over medium heat until it nearly comes to a simmer. While the coconut milk is heating, whiskk the eggs and condensed milk in a medium bowl. When the coconut milk has nearly reached a simmer, pour it slowly into the egg mixture while whisking until thoroughly combined.

Strain the mixture through a fine-mesh sieve, then divide it evenly among the ramekins.

Place the ramekins into a large baking dish and add enough hot water to come at least 2/3 of the way up the sides of the ramekins.

Bake until custards are set and do not jiggle when the pan is shaked, usually 30 to 35 minutes. Remove and cool on a wire rack, then loosely cover ramekins and refrigerate until thoroughly chilled, at least 4 hours and up to several days in advance.

When ready to serve, run the tip of a sharp paring knife around the inner edge of the custard, invert ramekin onto a small plate, and tap the plate on a countertop to release the custard onto the plate. Drizzle the caramel around the custard and serve.

** Cook's Note: Stirring the sugar syrup while it is cooking will encourage crystallization, so resist the urge to stir and simply swirl the pan if the sugar begins to darken around the edges. If you happen to see the beginning of any crystals forming, a drop or two of lemon juice swirled into the sugar as it cooks should dissolve them and inhibit any further crystallization.