Stir 2 cups coconut water, ⅓ cup condensed milk and ¾ cup heavy cream in a medium-sized bowl until well combined. Divide and transfer evenly into your popsicle molds.
Put ½ teaspoon shredded coconut into each mold and freeze overnight or until frozen solid.
Video
Notes
If you're using a popsicle mold, you can put the popsicle sticks into the holder right after you snap the lid on and freeze them together with the popsicles.
If you're using paper cups or something else, you'll need to wait until the popsicles are half-frozen before inserting the sticks, then put the pops back into the freezer to set completely.
For the toasted coconut, I found that when you put them into the mold first, they tend to stick to the bottom of the popsicle. If you put them in last and stir a little, most would tend to stick to the top but you'd get bits of coconut all around the pop. Experiment and see what you like.
The recipe yield depends on what popsicle mold you use.