Preheat oven to 200°. Place a baking sheet in the oven.
Combine coconut milk, sugar, fat-free milk, and eggs in a shallow dish, stirring with a whisk. Working in batches, dip bread in the milk mixture, and let stand for 1 minute on each side.
Heat a large nonstick skillet over medium-high heat, and coat pan with cooking spray. Add 5 coated bread slices to pan, and cook for 2 minutes on each side or until browned. Place on warm pan in oven to keep warm. Repeat procedure in batches with cooking spray, remaining slices, and milk mixture.
Heat a grill pan over medium-high heat. Add pineapple, and grill for 2 minutes on each side or until well marked. Chop pineapple. Place 3 slices of French toast on each of 5 plates, and divide the pineapple among servings. Top with coconut.