Combine hominy and water in a large saucepan and soak 8 hours to overnight.
The next day, bring soaked hominy and liquid to a boil over high heat. Reduce heat and simmer until hominy is soft, about 1 hour. Add coconut milk, condensed milk, regular milk, 2 tablespoons sugar, cinnamon sticks, 1/2 teaspoon ground cinnamon, and cloves. Cook over low heat until mixture has thickened, about 15 minutes.
Taste and sweeten with more sugar if needed. Stir in coconut. Ladle into serving bowls and sprinkle with cinnamon.