In a heavy saucepan cook the evaporated milk and the sweetened condensed milk over low heat, stirring constantly with a wooden spoon until the mixture thickens and turns a pretty caramel color, (about 30 - 40 minutes). Take off the heat.
Separate the egg whites from the yolks, and use a wire beater to beat the egg yolks in a bowl. Add a couple of Tablespoons of the hot milk mix and keep beating for a few seconds. Pour everything in the saucepan and mix carefully and reserve. Peruvians call this manjar blanco.
In another saucepan mix the sugar, port wine and water. Make it boil over high heat for 6 minutes without stirring. The syrup is ready when it forms a caramel thread when dropped from a spoon.
Meanwhile, beat the egg whites with an electric beater at high speed until soft peaks form. For the whites to grow perfectly, they must have no trace of yolk, and the bowl must be dry and clean.
Add the hot syrup in a thin and steady stream, beating vigorously until the resulting meringue is cold.
Pour the cooked milk mixture (manjar blanco) in individual cups or a larger container, cover with meringue in a decorative fashion, and dust with ground cinnamon.
Serve at room temperature or cold from the refrigerator.