Combine the condensed milk and evaporated milk in a saucepan and cook over low heat, stirring continuously until the mixture thickens into a creamy manjar blanco.

Remove from the heat and whisk in the egg yolks and vanilla quickly so they blend without curdling; return briefly to low heat to set the custard.

Spoon the custard into small serving glasses and allow it to cool.

For the meringue, warm the sugar and Port wine in a small pan until the sugar dissolves into a glossy syrup.

Whip the egg whites until they form soft peaks, then slowly pour in the warm syrup while beating, continuing until the meringue becomes firm and satiny.

Pipe or spoon the meringue over the cooled custard, creating soft, cloud-like peaks.

Chill briefly and serve, letting the contrast of cold custard and airy meringue shine.