Preheat oven to 400 degrees. Prepare baking sheet by lining with parchment paper.
Lightly flour a rolling pin and your working surface. Unfold one sheet of puff pastry. Using a dull knife, lightly make indentations into the dough to separate it into three equal sections. The middle section will hold the filling and the outer two sections will be braided. Using a sharp knife, cut the top and bottom corners off at a diagonal. The, cut slits down the left side at the same angle as the corner cuts, about 1 inch thick, stopping right when you reach the center. Cut the same number of slits down the right side.
Spread ⅓ cup of cream cheese down the center panel with the back of a spoon. Top with ¼ cup of guava jelly and spread it over the cream cheese. Starting at the top of the pastry, fold over the slits of dough, alternating between the left and right sides to create a braid.
Once you've made one braid, repeat steps 2 and 3 with the second sheet of puff pastry.
Whisk egg and teaspoon of water together to make an egg wash. Brush the top of the braids with the egg wash. Cover braids in coarse sugar. Using a spatula, carefully lift braids and place braids onto baking sheet, at least 4 inches apart. Bake the braids in preheated oven for about 18-20 minutes until golden brown.
Remove braids from the oven and cool for 10 minutes before serving. Store leftovers in the refrigerator for up to 2 days.