Add water and cinnamon stick to a pot and bring to a boil.
Wash rice and soak while water comes to a boil.
Add rice to pot and cook for 15 minutes, until its softened.
Add evaporated milk, milk powder, nutmeg and cardamom and stir to combine. Reduce the heat to low and cook for an additional 15-20 minutes until it thicken and the rice is tender. Add additional water if it cooks down before the rice softens.
Add condensed milk, vanilla and almond extracts and stir to combine. Serve warm or cold.