Prepare the Batter

1. In a bowl, combine the granulated sugar, coconut milk, rice flour, salt, tapioca starch, yeast, and egg. Mix thoroughly until the batter is smooth.
2. Divide the batter into two equal portions. Add red food coloring to one of the portions and stir until the color is vibrant and uniform. The other portion will remain white.
3. Cover both bowls of batter and let them rest for 1 hour in a warm place until they become frothy and slightly bubbly. This indicates the yeast has activated.

Cook the Pancakes

1. Heat a small, round-bottomed pan or a small skillet over medium-low heat.
2. Pour a small amount of either the white or red batter into the hot pan.
3. Cook until the surface of the pancake is set and the edges are slightly brown. You may need to cover the pan briefly toward the end to ensure the center is fully cooked.
4. Repeat the process, alternating colors, until all the batter is used.

Assemble and Serve

1. Allow the cooked pancakes to cool down completely on a rack.
2. Once cool, spread the surface of each pancake with Sweetened Condensed Milk.
3. Sprinkle generously with the long strands of grated Cheddar Cheese.
4. Roll up each prepared pancake and serve immediately.