In a saucepan, combine condensed milk, coconut milk, and heavy cream. Stir gently over medium heat.
Add sugar and vanilla extract, continuing to stir until smooth.
If you want a thicker texture, dissolve cornstarch in a little water and add to the mixture. Cook until it thickens to pudding-like consistency.
Stir in shredded coconut and cook for another 2–3 minutes.
Pour the mixture into a serving dish and let cool to room temperature.
Refrigerate for at least 2 hours until firm.
Sprinkle with extra shredded coconut before serving.