Bashful’s hot wearing Sleepy’s coat (3)
I believe the answer is:
shy
'bashful's' is the definition.
(bashful means shy or reserved)
'hot wearing sleepy's coat' is the wordplay.
'hot' becomes 'h' (abbreviation eg on taps).
'wearing' indicates putting letters inside.
'coat' says to hollow out the word (remove centre letters) (only the letters which coat the word are used).
'sleepy' with its centre taken out is 'sy'.
'h' put inside 'sy' is 'SHY'.
(Other definitions for shy that I've seen before include "Coy" , "Timid; throw quickly" , "Throw in bashful way" , "throw something at" , "Short of" .)