Melt margarine in large skillet over medium-high heat. Add onion; cook and stir until tender. Stir in rice and 1 can of the broth. Bring to a boil. Reduce heat to medium; cook 8 to 10 minutes or until liquid is absorbed, stirring frequently.
Add roasted peppers and asparagus; mix well. Cook an additional 15 to 17 minutes or until rice is tender, stirring frequently and adding additional broth 1/4 cup at a time as necessary. (There may be a small amount of broth left.) Stir in cheese.