Rinse the jasmine rice under running water until it runs clear to remove excess starch.
Place the rinsed rice into a medium pot and add the coconut milk, water, sugar, and salt.
Heat the mixture over medium heat until it comes to a rolling boil, then cover and lower the heat to a gentle simmer.
Let the rice cook with the lid on for 18 minutes without lifting it, then peek to see if the liquid has fully absorbed; extend cooking up to 4 more minutes if needed.
Once the rice is tender and the liquid is absorbed, take the pot off the heat and let it rest, covered, for 10 minutes.
After resting, fluff the rice gently with a fork and serve warm.