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1
Combine the evaporated milk and condensed milk in a heavy saucepan over low heat. Stir constantly with a wooden spoon or heatproof spatula, ensuring the mixture does not catch on the base. Continue for 30–40 minutes. The manjar blanco is ready when a spoon drawn across the base of the pan leaves a clean, slow-closing path and the texture resembles very thick caramel.
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2
Remove the pan from the heat. Quickly whisk in the lightly beaten egg yolks, incorporating them fully before the residual heat sets them unevenly. Return the pan briefly to low heat, stirring, until the mixture tightens again and the yolks are cooked through. The mixture should hold its shape when mounded on a spoon.
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3
Divide the manjar blanco among four individual serving glasses or ramekins, smoothing each surface level. Allow to cool to room temperature before the meringue is applied.
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4
This is where the dish lives or dies. Combine the caster sugar and port wine in a small saucepan. Heat over medium heat, without stirring, until the syrup reaches exactly 115 °C (soft-ball stage). Meanwhile, whip the egg whites to stiff peaks in a stand mixer. With the mixer running at medium-high speed, pour the hot port syrup in a thin, steady stream down the side of the bowl onto the egg whites — never directly onto the whisk. Beat until the bowl is cool to the touch and the meringue is dense, silky, and holds firm peaks.
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5
Spoon or pipe the port meringue generously over each portion of manjar blanco. The meringue should sit in soft, defined peaks, pale beige from the port, and hold its shape without slumping.