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1
Combine the condensed milk and evaporated milk in a heavy-based saucepan. Set over a medium flame and cook, stirring constantly with a wooden spoon, until the mixture thickens and reaches 103 °C on a sugar thermometer. This is the soft-ball stage: at this temperature the manjar blanco will be spoonable when cold. Below it, the result is a sauce; above it, a toffee.
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2
Remove the pan from the heat. Working quickly, stir in the beaten egg yolks in a thin stream, incorporating them fully — they deepen the colour and distinguish this preparation from Argentine dulce de leche. Return the pan briefly to a low flame for one minute to set the yolks, stirring without pause. Remove from heat and stir in the pisco. The manjar blanco should coat the spoon thickly and hold a ribbon.
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3
Divide the manjar blanco among six individual glasses, filling each to two-thirds of its height. Allow to cool to room temperature, then refrigerate until completely cold and set firm throughout. A warm base will collapse the meringue layer and destroy the separation that defines the dish — this step is where the dish lives or dies.
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4
Prepare the Italian meringue. Combine the sugar, water, and warmed tawny port in a small saucepan. The port must be warm before it meets the syrup; cold port will cause the syrup to seize and crystallise. Cook the syrup to 121 °C (hard-ball stage), without stirring, brushing down the pan sides with a damp pastry brush as needed.
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5
While the syrup cooks, whip the egg whites in a clean bowl to soft peaks. When the syrup reaches 121 °C, pour it in a slow, steady stream down the side of the bowl into the whites, whipping continuously at high speed. Continue beating until the meringue is glossy, holds firm peaks, and the bowl is cool to the touch — the port perfume should be distinct.
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6
Pipe or spoon the meringue over each chilled glass of manjar blanco. The classical proportion is a 2:1 ratio of base to meringue height; excess meringue unbalances the richness. The surface should be smooth or lightly peaked — the meringue is stable and will not weep across service. Grate cinnamon over each portion immediately before serving, while the glasses remain cold.