In a pot, bring water to a boil and add the cinnamon stick. Once the water is boiling, add the rice and cook until the rice is tender.

When the rice is soft and most of the water has been absorbed, add the two cans of sweetened condensed milk, the evaporated milk, and sugar to taste. Stir everything together for a few minutes until well combined.

Stir occasionally to prevent the rice from sticking or burning. Remove from heat and let cool.