HEAT evaporated milk, bouillon, onion powder and thyme in large skillet over medium-high heat, stirring occasionally, until mixture comes to a boil and bouillon is dissolved. Add potatoes.
COOK, stirring occasionally, until mixture comes to boil. Cover; reduce heat to low. Cook, rearranging potatoes gently and occasionally, for 35 to 40 minutes or until potatoes are tender. Sprinkle with cheese; serve immediately.
COOKING TIP: For quick and consistently thin potato slices, use the slicing blade of a food processor.