>>308363Nobody knows.
Cooking is organic chemistry extreme. When pouring ingredients together and heating them up a myriad of different substances react with each other to an even more myriad of products.
Your manjar has fats, amino acids, and carbohydrates all over, so a whole gangbang of reactions is occuring in that cup. Since the whole thing then does not set as a fatty layer on top of a watery but a smooth drink, emugatores must have made an oil-in water emulsion, could be the egg's lecithine or come from the milk as this one is an mulsion itself.