I've been trying to figure this out since I got into winemaking
So far, nilch.
Coconut meat contains high amounts of oils; those oils end up floating to the top of the wine you make and can cause the batch to spoil.. Doesnt matter if its fresh, dried, shredded.. It all contains oils..
Coconut water, I've never actually tasted it, but from what I've gathered is it's a little different profile of coconut, and is a delicate flavor that could be lost in fermentation.. And its expensive, to buy by itself..
I'm not saying dont try it, I'm just saying my hopes arent high.. But if you figure it out, let us know 'cause it's stumped more than one of us already