In a wide pot, heat the sugar, water, and cinnamon stick over medium heat.

In a large bowl, beat together the egg yolks until smooth.

Once the sugar has dissolved into the water and small bubbles start to appear, remove and discard the cinnamon stick. Pour the beaten egg yolks through a fine mesh sieve into the hot syrup.

Reduce the heat to low/medium-low and simmer the mixture, stirring occasionally with a wooden spoon and scraping the edges to prevent a crust from forming, until the eggs are cooked through and only a little syrup remains.

Transfer the Encharcada among 4 broil-safe bowls and broil briefly over low heat until the tops are golden.

Serve immediately garnished with ground cinnamon.