Heat the butter, sweetened condensed milk, shredded coconut, and coconut milk in a medium saucepan over medium-low heat, stirring continuously for 5 to 7 minutes.

Continue cooking for 10 to 15 minutes until the mixture thickens and pulls away from the sides of the pan.

Remove from heat and stir in the heavy cream until fully combined, cooling slightly for about 5 minutes.

Pour the mixture into individual serving cups or a large dish and let it settle.

Refrigerate for at least 2 hours to allow the pudding to set properly.

Garnish with toasted coconut flakes or fresh fruit before serving.