PLACE water, rice and cinnamon stick pieces in small saucepan; bring to a boil. Reduce heat to low; cover. Cook for 12 to 15 minutes or until liquid is absorbed. Remove cinnamon stick pieces. Stir in evaporated and sweetened condensed milks, raisins, vanilla extract and salt; bring to a boil. Stir a small portion of rice mixture into eggs. Add egg mixture to rice mixture; mix well with wire whisk. Bring to a boil. Cook, stirring constantly, for 2 minutes. Serve warm or chilled. Sprinkle with cinnamon before serving.