Preheat oven to 350°. In a large bowl, cream together 2 cups butter and granulated sugar until light and fluffy. Add eggs, one at a time, beating well after each addition. Mix in 1 1/2 teaspoons each vanilla and almond extracts.
In another large bowl, combine flour, baking powder, baking soda, and salt. Add to butter and sugar mixture in 3 batches, alternating with coconut milk. Stir 1 cup flaked coconut into the batter.
Fill 30 paper-lined muffin cups (1/2-cup capacity) in two or more muffin pans about 2/3 full with batter. Bake until a toothpick inserted into the center of a cupcake comes out clean, 15 to 20 minutes. Cool for 10 minutes before removing muffins from pans. Cool completely.
Meanwhile, in a medium bowl, beat cream cheese, 3/4 cup butter, and 1/2 teaspoon each vanilla and almond extract until smooth. Gradually beat in powdered sugar. Frost cupcakes and sprinkle with remaining coconut.
Note: Nutritional analysis is per cupcake.