Put the dry yeast, milk, and honey in a heatproof dish, then microwave for 3 minutes at 200 W.

Remove from the microwave, and mix well to dissolve the dry yeast. Add the condensed milk.

Put the cake flour and salt into a bowl, and briefly mix to blend. Add the vegetable oil, and briefly mix again.

Pour the Step 2 mixture into 3, and knead until the dough comes together.

When the dough comes together, thoroughly knead the dough by hand in the bowl for 5 - 10 minutes.

Cover the bowl with plastic wrap, and place it in the oven. Wait until the 1st rising is done (30 ~ 40 minutes at 40℃).

Divide the dough into 4 portions. Let rest for about 10 minutes, and form into bagel shapes.

Arrange the shaped dough from Step 7 on a baking sheet lined with parchment paper. Put in the oven and rise (30 minutes at 40℃).

Bring water to a boil in a pot. Add the honey and dissolve. Place the bagels in the pot, and boil for 30 seconds each side.

Drain the excess water. Return the bagels to the baking sheet. Bake for about 15 - 20 minutes at 180℃, and you're all done.