Can the compiler generate assembler code?

Starting with version 1.3 of xlc and xlf the -S option will generate a
.s assembly code file prior to optimization. The option -qlist will
generate a human readable one in a .lst file.

There is also a disassembler in /usr/lpp/xlc/bin/dis include with the
1.3 version of xlc (and in /usr/lpp/xlC/bin/dis with the 2.1 version
of xlC) that will disassemble existing object or executable files.