Set up your breading station: Combine the salt, pepper and flour together in one bowl. In another bowl combine the panko and coconut flakes In the third bowl, beat your egg thoroughly together with 1 tsp of water.
Bread your shrimp: Dust each shrimp in the flour, shake off any excess and then dip it into the egg to cover all sides. Place the egg-dipped shrimp into the panko/coconut and cover the topside with more panko/coconut, pressing down gently to make it adhere to the shrimp.
Rest: Place the coated shrimp onto a tray and allow them to rest for at least 5-7 minutes before frying so that the breading can set, this ensures it won't fall off while frying.
Heat oil: Pour enough oil into a heavy-bottomed saucepan to cover about 1-2" and bring the oil to 350°F.
Fry your breaded shrimp in batches (starting with the ones that have been resting the longest) until golden brown which should take about 2-3 minutes. Be sure to gently flip your shrimp over to allow for even cooking.
Once fried, remove from the oil and place onto a wire rack with a plate or paper towels below it to catch any excess oil.
Serve immediately for the best results. If you have leftovers, using an airfryer is a great way to reheat and re-crisp your shrimp.