Coconut Flan with Caramel (Banh Dua Ca Ra Men)

To Prepare Flan Mold: Heat a small skillet, add sugar and heat until sugar on bottom has melted and is transparent. Raise the flame and stir the sugar with a wooden spoon until it turns a deep brown and starts to froth up. Be careful not to let it burn too much. Pour the caramel into the flan mold and turn the mold around quickly, tipping it from side to side until there is an even coating of the caramel over the bottom and halfway up the sides of the mold. Let cool. To Prepare the Flan: Heat the milk in a medium saucepan over medium-high heat to boiling, add coconut and boil for 5 minutes, stirring constantly. Add thinned condensed milk and continue cooking another 5 minutes. Set mixture aside to cool. In a small bowl beat the egg yolks together until creamy and stir them into cooled coconut mixture. In large bowl beat egg whites until they are frothy, add a pinch of salt and continue beating until they are stiff. Fold whites into coconut mixture. Pour mixture into prepared flan mold, cover with a well-greased lid and put into a water bath. Place flan on lowest shelf of a preheated 350 degree oven and cook for about 1 1/2 hours, then test to see if done. A skewer inserted in the middle of flan should come out clean. When done set flan aside to cool. Can be made a day ahead and refrigerated, covered. Serve at room temperature. To unmold, place flan mold in pan of warm water for a few minutes. Do not attempt to loosen flan with a knife.