Preheat the oven to 350 degrees F. Spray a Bundt pan with cooking spray and drizzle the cajeta into the pan, turning to coat the bottom and sides.
Using an electric mixer, beat the condensed milk, coconut milk, evaporated milk, eggs, vanilla, and salt. Pour the mixture over the cajeta into the Bundt pan. Put the pan inside a roasting pan and fill the roasting pan with warm water to come halfway up the sides of the Bundt pan. Cover the Bundt pan with foil.
Bake until the center jiggles slightly when the pan is moved, about 1 hour 40 minutes. Remove from the oven and let cool for 30 minutes, then transfer to the refrigerator and chill for 3 hours or overnight.
Turn the flan out onto a platter. Sprinkle with toasted coconut and serve.
Reprinted with permission from Mexican Made Easy by Marcela Valladolid, Clarkson Potter copyright (c) 2011