Beat 1/4 cup sugar with the egg yolks using a hand mixer until the sugar dissolves.

In a saucepan, combine the milk, coconut milk, and 1 tablespoon sweetened condensed milk. Heat gently until just simmering, then let cool completely using a hand mixer.

Add the cooled coconut milk mixture to the egg yolks. Place the mixture back on the stove and stir constantly with a spatula. Add 1 tablespoon tapioca starch, stirring until dissolved, then add the vanilla. Heat gently, stirring, until just simmering to avoid lumps.

Toast the shredded coconut in a pan over medium heat, stirring with chopsticks until golden and fragrant. Remove from heat and add to the ice cream mixture.

Let the mixture cool, then use a hand mixer to beat it. Transfer to a container, cover, and freeze for about 2 hours. Remove and beat the mixture again until fluffy, then return to the freezer. Repeat this process three times, every two hours. After the last time, freeze for about 3 more hours until firm.

Once the ice cream is firm, scoop onto a plate, top with extra toasted coconut, roasted peanuts, and a drizzle of sweetened condensed milk. Enjoy!